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Liabilities for Employee Benefits, Net
 12 Months Ended
Dec. 31, 2023
Liabilities for Employee Benefits, Net [Abstract]  
LIABILITIES FOR EMPLOYEE BENEFITS, NET

NOTE 14 – LIABILITIES FOR EMPLOYEE BENEFITS, NET

 

A.Composition:

 

   December 31 
   2023   2022 
         
Present value of defined benefit liabilities   234    226 
Less - fair value of plans’ assets   204    194 
    30    32 

 

B.Changes in the present value of defined benefit liabilities

 

   December 31 
   2023   2022 
         
Balance at beginning of year   226    288 
Current service cost   6    8 
Interest cost   12    8 
Benefits paid   
-
    (9)
Expenses in respect of exchange rate differences   (8)   (33)
Net actuarial loss   (2)   (36)
Balance at end of year   234    226 

 

C.Plans’ assets

 

The plans’ assets include severance pay funds, and the severance pay component in executive insurance policies and in pension funds.

 

 
   2023   2022 
Changes in the fair value of plan assets        
         
Balance at beginning of year   194    239 
Expected return on plan assets   10    7 
Employer contributions   
-
    7 
Benefits paid   
-
    (9)
Income from exchange rate differences   (8)   (30)
Net actuarial gain (loss)   8    (20)
Balance at end of year   204    194 
Actual return on plan assets   (10)   (14)

 

D.Expenses in respect of defined benefit plans

 

   For the year ended
December 31,		 
   2023   2022 
         
Current service cost   6    8 
Interest cost   12    8 
Expected return on plans’ assets   10    7 
Exchange rate differentials, net   (2)   (3)
    26    20 
Presentation in profit and loss:          
Cost of revenue   6    8 
Finance expenses   20    12 
    26    20 
           
Presentation in other comprehensive income (loss)   6    16 

 

E.Key actuarial assumptions

 

   December 31, 
   2023   2022 
         
Discount rate   5.5%   5.5%
           
The expected weighted average cost of capital on plans’ assets   5.56%   3.1%
           
Expected pay rise rate   2.41%   2.8%

 

F.Expenses in respect of defined contribution plans

 

   For the year ended December 31, 
   2023   2022 
         
Expenses in respect of employee benefits   7    81 
           
Presentation in profit and loss:          
Cost of revenue   2    31 
Research and development expenses   1    13 
Selling and marketing expenses   1    16 
General and administrative expenses   3    21 
    7    81