Tiscali 2014 Annual Report Download - page 157
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Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
157
Liabilities for pension obligations and staff severance indemnities (note 16)
The table below shows the changes during the period:
(EUR 000)
31
December
2013
Increases
Decreases
Other
changes
31
December
2014
Staff severance
indemnities
204
69
(67)
2
208
Total
204
69
(67)
2
208
The staff severance provision, which comprises the indemnities accrued mainly in favour of
executives, amounts to EUR 0.2 million.
The liability was discounted back as laid down by accounting standard IAS 19 (2011 review).
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: SIM 2012 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