Cathay Pacific 2010 Annual Report Download - page 76

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74
19. Retirement benefits (continued)
(b) Defined contribution retirement schemes
Staff employed by the Company in Hong Kong on expatriate terms are eligible to join a defined contribution
retirement scheme, the CPA Provident Fund 1993. All staff employed in Hong Kong are eligible to join the CPA
Provident Fund.
Under the terms of these schemes, other than the Company contribution, staff may elect to contribute from
0% to 10% of their monthly salary. During the year, the benefits forfeited in accordance with the schemes’
rules amounted to HK$18 million (2009: HK$19 million) which have been applied towards the contributions
payable by the Company.
A mandatory provident fund (“MPF”) scheme was established under the MPFSO in December 2000. Where
staff elect to join the MPF scheme, both the Company and staff are required to contribute 5% of the
employees’ relevant income (capped at HK$20,000). Staff may elect to contribute more than the minimum as a
voluntary contribution.
Contributions to defined contribution retirement schemes charged to the Group profit and loss are
HK$756 million (2009: HK$677 million).
20. Deferred taxation
Group Company
2010
HK$M
2009
HK$M
2010
HK$M
2009
HK$M
Deferred tax assets:
– provisions (161) (178) (112) (113)
– tax losses (1,136) (1,831) (926) (1,516)
– cash flow hedges (210) (158) (184) (135)
– customer loyalty programmes (41) (82) (41) (82)
Deferred tax liabilities:
– retirement benefits 813 711
– accelerated tax depreciation 2,182 2,047 1,501 1,380
– investment in associates 225 –––
Provision in respect of certain lease arrangements 4,948 5,444 4,305 4,596
5,815 5,255 4,550 4,141
Notes to the Accounts STATEMENT OF FINANCIAL POSITION