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Provision for Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Provision for Employee Benefits [Abstract] |
Schedule of Annual Voluntary Resignation | 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 |  |  | 17 | % |  |  | 24 | %
31-40 |  |  | 8 | % |  |  | 16 | %
41-50 |  |  | 6 | % |  |  | 13 | %
Above 50 |  |  | 0 | % |  |  | 0 | %
Annual Voluntary Resignation: Age related rates as follows.
Age Group (Years) |  | Annual Voluntarily Resignation Rate of Indirect Cost Staff |
Below 31 |  |  | 24 | %
31-40 |  |  | 16 | %
41-50 |  |  | 13 | %
Above 50 |  |  | 0 | %
Schedule of Movement in the Present Value of Plan A’s Defined Benefit Obligation | Movement in the present value of Plan A’s retired benefit obligation:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Defined benefit obligations at January 1, |  | $ | 4,827,800 |  |  | $ | 5,827,355 |
Transfer to R&I |  |  | - |  |  |  | (19,304 | )
Benefits paid during the year |  |  | (578,457 | ) |  |  | (922,305 | )
Current service costs |  |  | 442,700 |  |  |  | 459,975 |
Interest |  |  | 121,651 |  |  |  | 110,483 |
Past service cost and gain on settlement |  |  | 37,677 |  |  |  | 155,697 |
Actuarial gain (loss) |  |  | 3,431 |  |  |  | (559,544 | )
Exchange differences |  |  | 55,265 |  |  |  | (224,557 | )
Defined benefit obligations at December 31, |  | $ | 4,910,067 |  |  | $ | 4,827,800 |
Movement in the present value of Plan B’s retired benefit obligation:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Defined benefit obligations at January 1, |  | $ | 21,814 |  |  | $ | - |
Transfer from GF Cash (CIT) |  |  | - |  |  |  | 19,304 |
Benefits paid during the year |  |  | (2,884 | ) |  |  | - |
Current service costs |  |  | 4,876 |  |  |  | 1,971 |
Interest |  |  | 607 |  |  |  | 285 |
Past service cost and loss on settlement |  |  | 2,491 |  |  |  | - |
Actuarial loss |  |  | (1,298 | ) |  |  | - |
Exchange differences |  |  | 309 |  |  |  | 254 |
Defined benefit obligations at December 31, |  | $ | 25,915 |  |  | $ | 21,814 |
Schedule of Significant Actuarial Assumption | 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:
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 |  | $ | 4,526,095 |  |  | $ | (383,972 | ) |  |  | -7.82 |  |  | -1 |  | $ | 5,354,805 |  |  | $ | 444,737 |  |  |  | 9.06 |
Salary Increase Rate |  | 1 |  |  | 5,197,550 |  |  |  | 287,483 |  |  |  | 5.86 |  |  | -1 |  |  | 4,658,682 |  |  |  | (251,385 | ) |  |  | -5.12 |
Turnover Rate |  | 1 |  |  | 4,749,274 |  |  |  | (160,793 | ) |  |  | -3.27 |  |  | -1 |  |  | 4,961,641 |  |  |  | 51,574 |  |  |  | 1.05 |
Life Expectancy |  | +1 Year |  |  | 4,920,291 |  |  |  | 10,224 |  |  |  | 0.21 |  |  | -1 Year |  |  | 4,899,921 |  |  |  | (10,146 | ) |  |  | -0.21 |
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 |  | $ | 4,500,166 |  |  | $ | (327,634 | ) |  |  | -6.79 |  |  | -1 |  | $ | 5,201,435 |  |  | $ | 373,635 |  |  |  | 7.74 |
Salary Increase Rate |  | 1 |  |  | 5,064,621 |  |  |  | 236,821 |  |  |  | 4.91 |  |  | -1 |  |  | 4,617,667 |  |  |  | (210,133 | ) |  |  | -4.35 |
Turnover Rate |  | 1 |  |  | 4,683,817 |  |  |  | (143,983 | ) |  |  | -2.98 |  |  | -1 |  |  | 4,871,730 |  |  |  | 43,930 |  |  |  | 0.91 |
Life Expectancy |  | +1 Year |  |  | 4,837,009 |  |  |  | 9,207 |  |  |  | 0.19 |  |  | -1 Year |  |  | 4,818,657 |  |  |  | (9,143 | ) |  |  | -0.19 |
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 |
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:
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 |  | $ | 23,156 |  |  | $ | (2,760 | ) |  |  | -10.65 |  |  | -1 |  | $ | 29,123 |  |  | $ | 3,208 |  |  |  | 12.38 |
Salary Increase Rate |  | 1 |  |  | 28,622 |  |  |  | 2,707 |  |  |  | 10.45 |  |  | -1 |  |  | 23,565 |  |  |  | (2,351 | ) |  |  | -9.07 |
Turnover Rate |  | 1 |  |  | 24,032 |  |  |  | (1,883 | ) |  |  | -7.27 |  |  | -1 |  |  | 26,976 |  |  |  | 1,061 |  |  |  | 4.09 |
Life Expectancy |  | +1 Year |  |  | 26,000 |  |  |  | 84 |  |  |  | 0.32 |  |  | -1 Year |  |  | 25,832 |  |  |  | (84 | ) |  |  | -0.32 |
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 |  | $ | 19,346 |  |  | $ | (2,469 | ) |  |  | -11.32 |  |  | -1 |  | $ | 24,710 |  |  | $ | 2,896 |  |  |  | 13.27 |
Salary Increase Rate |  | 1 |  |  | 24,176 |  |  |  | 2,362 |  |  |  | 10.83 |  |  | -1 |  |  | 19,782 |  |  |  | (2,032 | ) |  |  | -9.32 |
Turnover Rate |  | 1 |  |  | 20,142 |  |  |  | (1,672 | ) |  |  | -7.67 |  |  | -1 |  |  | 22,799 |  |  |  | 985 |  |  |  | 4.51 |
Life Expectancy |  | +1 Year |  |  | 21,887 |  |  |  | 73 |  |  |  | 0.33 |  |  | -1 Year |  |  | 21,742 |  |  |  | (72 | ) |  |  | -0.33 |
Schedule of Defined Benefit Obligation | Maturity profile of the defined benefit obligation as of December 31, are as follow:
Year |  | Defined Benefit Obligation |
2024 |  | $ | 362,284 |
2025 |  |  | 321,130 |
2026 |  |  | 276,878 |
2027 |  |  | 360,796 |
2028 |  |  | 248,829 |
2029 |  |  | 252,801 |
2030 |  |  | 356,732 |
2031 |  |  | 548,682 |
2032 |  |  | 253,819 |
2033 |  |  | 212,944 |
2034-2048 |  |  | 13,008,757 |
>2048 |  |  | 8,081,234 |
Maturity profile of the defined benefit obligation as of December 31, are as follow:
Year |  | Defined Benefit Obligation |
2024 |  | $ | - |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | - |
2029 |  |  | - |
2030 |  |  | - |
2031 |  |  | - |
2032 |  |  | - |
2033 |  |  | - |
2034-2048 |  |  | 311,388 |
>2048 |  |  | 286,118 |

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