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Employees' leaving entitlement (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Changes to 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

Summary of Assumptions Used in Determining Present Value of Defined Benefit Obligation Related to Employee Benefit Obligation

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%

Summary of Quantitative Sensitivity Analysis for Significant Assumptions

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

Schedule of Expected Payments or Contributions to Defined Benefit Plan

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