| (All amounts in Sri Lanka Rupees millions) |
| Movement in the liability recognised in the Balance
Sheet: |
 |
| |
Group |
Company |
| |
2003 |
2002 |
2003 |
2002 |
|
| At beginning of year |
429 |
330 |
411 |
329 |
| Liabilities acquired in business
combination |
– |
16 |
– |
– |
| Current service cost (Note
3) |
155 |
99 |
152 |
98 |
| Contributions paid |
|
|
|
|
| - VRS employees |
(68) |
– |
(68) |
– |
| - Other employees |
(23) |
(16) |
(20) |
(16) |
| At the end of year |
---------
493
====== |
---------
429
====== |
---------
475
====== |
---------
411
====== |
| |
|
|
|
|
| Current (due within one year) |
|
|
|
|
| Liability for VRS employees |
(36) |
– |
(36) |
– |
| Non-current (due after one year) |
---------
457
====== |
---------
429
====== |
---------
439
====== |
---------
411
====== |
| |
|
|
|
|
As stated in Accounting Policy N, an actuarial
valuation was carried out by an independent actuary in respect
of all employees of SLTL as at 31 December 2003.
The principal actuarial assumptions used were as follows:
|
|
| |
Company |
| |
2003 |
|
| Discount rate |
11% |
| Future salary increases |
9% |
| Future pension increases |
3.2% |
| |
|
In addition to the above, demographic assumptions
such as mortality, withdrawal and disability and retirement
age were considered for the actuarial valuation.
|
|
|
| |
|