LensCrafters 2015 Annual Report Download - page 219
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Notes to the separate financial statements as of December 31, 2015 Page 39 of 77
other Group companies. The decrease reflects payments to employees who left the Company during 2015 and the
transfer of indemnities maturing in 2015 to alternative pension funds or to INPS (Italian social security agency).
The liability of Euro 6,877,725 at December 31, 2015 represents the estimated obligation to pay such indemnities to
employees upon termination of employment; this obligation has been calculated using actuarial techniques, which
exclude, however, any assumptions about future salary growth.
The principal actuarial assumptions used are as follows:
ECONOMIC ASSUMPTIONS 2015 2014
Discount rate 2.00% 1.50%
Annual indexation of
employee benefit
2.81% 2.81%
Mortality rate: RG48 tables determined by Italy's
General Accounting Office
RG48 tables determined by Italy's
General Accounting Office
Inability rate: calculated using the age and gender
distribution of pensions payable at
January 1, 1987 running from 1984,
1985, 1986 for credit sector employees
calculated using the age and gender
distribution of pensions payable at
January 1, 1987 running from 1984,
1985, 1986 for credit sector employees
Retirement rate: assumes meeting the first pensionable
criteria to qualify for the basic pension,
taking into account the probability of
employment termination for reasons
other than death, based on statistics
supplied by the Group (annual
frequency of 5.00%).
assumes meeting the first pensionable
criteria to qualify for the basic
pension, taking into account the
probability of employment termination
for reasons other than death, based on
statistics supplied by the Group
(annual frequency of 5.00%).
In addition, the probability of early
retirement is estimated to be 3.00% per
year.
In addition, the probability of early
retirement is estimated to be 3.00%
per year.
In order to take into account the current uncertainty of the financial markets, the Company has decided to use a discount
rate for the valuation of liabilities at December 31, 2015, that is based on the iBoxx Eurozone Corporates AA 10+ index
at the valuation date.