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Employees' leaving entitlement | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Employees' leaving entitlement |
21 | Employees’ leaving entitlement
Changes to employees’ leaving entitlement occurring during 2019 and 2018 are analysed as follows:
|  | 31/12/19 |  |  | 31/12/18 |
Balance at beginning of year |  |  | 17,181 |  |  |  | 18,820 |
Current service cost |  |  | 111 |  |  |  | 148 |
Interest expense |  |  | 253 |  |  |  | 235 |
Benefits paid |  |  | (2,039) |  |  |  | (1,449) |
Actuarial gains/(losses) |  |  | 615 |  |  |  | (573) |
Balance at end of year |  |  | 16,121 |  |  |  | 17,181 |
The employees’ leaving entitlement refers to a defined benefit plan provided for by the Italian legislation due and payable upon termination of employment, assuming immediate separation (see note 4(q)). The principal assumptions used in determining the present value of such defined benefit obligation (“DBO”) related to the employee benefit obligation are reported as follows:
|  | 31/12/19 |  | 31/12/18
Annual discount rate |  | 0.77% |  | 1.57%
Annual future salary increase rate |  | 0.00% |  | 0.00%
Annual inflation rate |  | 1.20% |  | 1.50%
Annual DBO increase rate |  | 2.400% |  | 2.625%
Mortality |  | RG48 mortality tables published by the General State Accounting
Inability |  | National Institute for Social Security tables, by age and sex
Retirement |  | 100% upon achievement of AGO requisites
Annual frequency of turnover |  | 4.00% |  | 4.00%
Annual frequency of DBO advances |  | 2.00% |  | 2.00%
A quantitative sensitivity analysis for significant assumptions impacting the DBO as at December 31, 2019 and 2018 is reported as follows:
|  | 31/12/19 |  |  | 31/12/18 |
+1% on turnover rate |  |  | (111) |  |  |  | (68) |
-1% on turnover rate |  |  | 123 |  |  |  | 75 |
+0.25% on annual inflation rate |  |  | 231 |  |  |  | 259 |
-0.25% on annual inflation rate |  |  | (227) |  |  |  | (256) |
+0.25% on annual discount rate |  |  | (360) |  |  |  | (402) |
-0.25% on annual discount rate |  |  | 373 |  |  |  | 417 |
The sensitivity analysis above has been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analysis is based on a change in a significant assumption, keeping all other assumptions constant. Such analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The following are the expected payments of the employees’ leaving entitlement in future years:
|  | 31/12/19 |  |  | 31/12/18 |
Within 1 year |  |  | 1,203 |  |  |  | 1,065 |
Between 2 and 5 years |  |  | 3,704 |  |  |  | 4,181 |
The average duration of the defined benefit plan as at December 31, 2019 and 2018 is 10.00 years and 10.63 years, respectively.

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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2019-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2019-03-27 + Details
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