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Provision for Employee Benefits | 12 Months Ended
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Dec. 31, 2021
Disclosure of employee benefits [text block] [Abstract] |
PROVISION FOR EMPLOYEE BENEFITS |
16. | PROVISION FOR EMPLOYEE BENEFITS
The Company has a defined benefit plan based on the requirement of the Thailand Labor Protection Act B.E.2541 (1988) to provide retirement benefits to employees based on pensionable remuneration and length of service which are considered as unfunded. There were no plan assets set up and the Company will pay benefits when needed. According to IFRS 19 (Revised 2017), the use of Projected Unit Credit (PUC) Cost Method is required in order to determine the actuarial liability based on past service and expected future salary. Thus, the actuarially acceptable assumptions on salary scale are needed. Actuarial assumptions on other components of the benefit formulas are also required to measure the obligation such as demographic assumptions and financial assumptions. All of these assumptions are important because they are directly related to a possibility of actuarial gains and losses. Moreover, the obligations are measured on a discounted basis because they may be settled many years after the employees render the related service. The following assumptions have been adopted for this actuarial valuation: Demographic Assumptions:
| 1. | Mortality Table (Annual Death Rate): Male and Female Thai Mortality Ordinary Tables of 2017 (TMO 2017) which is the latest mortality table from the Office of Insurance Commission in Thailand.
| 2. | Annual Disability Rate: 5% of the Male and Female TMO 2017.
| 3. | Annual Voluntary Resignation: Age related rates as follows.
Age Group (Years) |  | Annual Voluntarily Resignation Rate of Direct Cost Staff |  |  | Annual Voluntarily Resignation Rate of Indirect Cost Staff |
Below 31 |  |  | 31 | % |  |  | 16 | %
31-40 |  |  | 16 | % |  |  | 8 | %
41-50 |  |  | 14 | % |  |  | 6 | %
Above 50 |  |  | 0 | % |  |  | 0 | %
| 4. | Annual Forced Resignation: Age related rates as follows.
Age Group (Years) |  | Annual Forced Resignation Rate |
Below 31 |  |  | 0 | %
31-40 |  |  | 0 | %
41-50 |  |  | 0 | %
Above 50 |  |  | 0 | %
Financial Assumptions:
| 1. | Discount Rate: Single weighted average discount rate is 1.92% per year based on the zero coupon yield rate of government bonds in Thailand from the Thai Bond Market Association (Thai BMA) as of December 31, 2021. Duration (or single weighted average remaining time to retire) is 12 years.
| 2. | Salary Increase Rate: 3.00% per year. The projected salary is calculated at the time of retirement or forced resignation.
| 3. | Taxes payable by the plan: The contributions are not a tax-deductible expense according to the Revenue Department in Thailand so there are no taxes payable by the plan
Movement in the present value of the defined benefit obligation:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Defined benefit obligations at January 1, |  | $ | 6,841,673 |  |  | $ | 6,439,795 |
Benefits paid during the year |  |  | (462,306 | ) |  |  | (517,531 | )
Current service costs |  |  | 649,242 |  |  |  | 770,934 |
Interest |  |  | 102,196 |  |  |  | 96,019 |
Past service cost and gain (loss) on settlement |  |  | - |  |  |  | 36,939 |
Actuarial loss |  |  | (627,193 | ) |  |  | 8,772 |
Exchange differences |  |  | (676,257 | ) |  |  | 6,745 |
Defined benefit obligations at December 31, |  | $ | 5,827,355 |  |  | $ | 6,841,673 |
The following table presents the sensitivity analysis for each significant actuarial assumption with a variation of 1.0% in the assumptions as of the end of the reporting period: For the year ended December 31, 2021
Assumption |  | % Change (+) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |  |  | % Change (-) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |
Discount Rate |  |  | 1 |  |  | $ | 5,406,718 |  |  | $ | (412,414 | ) |  |  | -7.09 |  |  |  | -1 |  |  | $ | 6,291,799 |  |  | $ | 472,667 |  |  |  | 8.12 |
Salary Increase Rate |  |  | 1 |  |  |  | 6,141,412 |  |  |  | 322,280 |  |  |  | 5.54 |  |  |  | -1 |  |  |  | 5,534,865 |  |  |  | (284,267 | ) |  |  | -4.89 |
Turnover Rate |  |  | 1 |  |  |  | 5,596,605 |  |  |  | (222,526 | ) |  |  | -3.82 |  |  |  | -1 |  |  |  | 5,905,978 |  |  |  | 86,846 |  |  |  | 1.49 |
Life Expectancy |  |  | +1 Year |  |  |  | 5,832,121 |  |  |  | 12,989 |  |  |  | 0.22 |  |  |  | -1 Year |  |  |  | 5,806,228 |  |  |  | (12,904 | ) |  |  | -0.22 |
For the year ended December 31, 2020
Assumption |  | % Change (+) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |  |  | % Change (-) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |
Discount Rate |  |  | 1 |  |  | $ | 6,246,875 |  |  | $ | (594,798 | ) |  |  | -8.69 |  |  |  | -1 |  |  | $ | 7,540,239 |  |  | $ | 698,566 |  |  |  | 10.21 |
Salary Increase Rate |  |  | 1 |  |  |  | 7,303,544 |  |  |  | 461,871 |  |  |  | 6.75 |  |  |  | -1 |  |  |  | 6,442,685 |  |  |  | (398,988 | ) |  |  | -5.83 |
Turnover Rate |  |  | 1 |  |  |  | 6,515,632 |  |  |  | (326,041 | ) |  |  | -4.77 |  |  |  | -1 |  |  |  | 6,990,881 |  |  |  | 149,208 |  |  |  | 2,18 |
Life Expectancy |  |  | +1 Year |  |  |  | 6,860,711 |  |  |  | 19,038 |  |  |  | 0.28 |  |  |  | -1 Year |  |  |  | 6,822,778 |  |  |  | (18,895 | ) |  |  | -0.28 |
For the year ended December 31, 2019
Assumption |  | % Change (+) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |  |  | % Change (-) in Assumption |  |  | Liability |  |  | Amount Change in Liability |  |  | % Change in Liability |
Discount Rate |  |  | 1 |  |  | $ | 5,877,653 |  |  | $ | (562,142 | ) |  |  | -8.73 |  |  |  | -1 |  |  | $ | 7,098,037 |  |  | $ | 658,242 |  |  |  | 10.22 |
Salary Increase Rate |  |  | 1 |  |  |  | 6,832,393 |  |  |  | 392,599 |  |  |  | 6.10 |  |  |  | -1 |  |  |  | 6,098,352 |  |  |  | (341,443 | ) |  |  | -5.3 |
Turnover Rate |  |  | 1 |  |  |  | 6,131,013 |  |  |  | (308,782 | ) |  |  | -4.79 |  |  |  | -1 |  |  |  | 6,576,958 |  |  |  | 137,163 |  |  |  | 2.13 |
Life Expectancy |  |  | +1 Year |  |  |  | 6,458,065 |  |  |  | 18,207 |  |  |  | 0.28 |  |  |  | -1 Year |  |  |  | 6,421,657 |  |  |  | (18,137 | ) |  |  | -0.28 |
Maturity profile of the defined benefit obligation as of December 31, are as follow:
Year |  | Defined Benefit Obligation |
2022 |  | $ | 563,243 |
2023 |  |  | 275,116 |
2024 |  |  | 266,120 |
2025 |  |  | 426,322 |
2026 |  |  | 339,031 |
2027 |  |  | 549,994 |
2028 |  |  | 359,377 |
2029 |  |  | 319,184 |
2030 |  |  | 477,371 |
2031 |  |  | 759,926 |
2032-2045 |  |  | 14,194,589 |
>2045 |  |  | 16,054,681 |

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