Tiscali 2013 Annual Report Download - page 152
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Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
152
Liabilities for pension obligations and staff severance indemnities (note 16)
The table below shows the changes during the period:
(EUR 000)
31
December
2012
Increases
Decreases
Other
changes
31
December
2013
Staff severance
indemnities
163
73
(99)
67
204
Total
163
73
(99)
67
204
The staff severance provision, which comprises the indemnities accrued mainly in favour of
employees, amounts to EUR 0.2 million.
The liability was discounted back as laid down by accounting standard IAS 19 (2011 review). In this
connection, account was taken of the impact of the retro-application of the IAS 19R standard
(applicable as from 1 January 2013 with retroactive efficacy) on the balance sheet and income
statement items for 2012, without however taking steps to re-state these balance in the financial
statements as at 31 December 2013 since this impact is of little significance.
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 2010 mortality tables M/F
Disability: INPS 1998 M/F disability tables
Resignation: 3.50% from 20 to 65 years of age
Advance payments: 3% from 20 to 65 years of age
Retirement: 65 for men and 60 for women, with
maximum length of service of 40 years