Tiscali 2012 Annual Report Download - page 143

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38
Liabilities for pension obligations and staff severance indemnities (note 17)
The table below shows the changes during the period:
(EUR 000)
31
December
2011
Increases Decreases Other
changes
31
December
2012
Staff severance
indemnities 150 74 (66) 5 163
Total 150 74 (66) 5 163
The staff severance provision, which comprises the indemnities accrued mainly in favour of employees,
amounts to EUR 0.2 million.
In accordance with national regulations and laws, the amount due to each employee matures
depending on the service provided, and has to be immediately disbursed when the employee leaves the
company. At the end of the work relationship, the amount due is calculated pursuant to Italian civil and
employment law, on the basis of the duration of the work relationship itself and the taxable
remuneration of each employee. The liability is annually adjusted in compliance with the official cost of
living index, and with the interest established by law. It is not associated with any condition or period of
accrual, or with any financial funding obligation; therefore, there are no assets serving the provision. In
compliance with IAS 19, the provision was recorded under “Defined benefit plans”. The main actuarial
hypotheses used in the assessment are set out below.
Financial assumptions
Inflation rate: 2.0%
Discount rate: 3%
Demographic assumptions:
Mortality: ISTAT 2002 M/F mortality tables with reference also to SIM
2002 and SIF 2002
Disability: INPS 1998 M/F disability tables
Resignation: 3.50% from 18 to 65 years of age
Advance payments: 3% from 18 to 65 years of age
Retirement: 65 for men and 60 for women, with
maximum length of service of 40 years