XML 85 R54.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Provision for Employee Benefits (Tables)
 12 Months Ended
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