Download the Annual report 2011 - Unisa

UNISA ANNUAL REPORT 2011
| 98 |
2011 2010
R’000 R’000
Amounts payable within one year, included in current
liabilities
Post-employment defined benefit medical obligations 32 070 148 935
The present value of this commitment is valued by an independent actuary, based on the specific contribution rates, and
the costs are spread over the expected remaining period of employment.
The post-employment medical obligation is unfunded. The last actuarial valuation was at 31 December 2011.
Liability
Present value of unfunded defined benefit obligation 563 270 583 748
Present value of unfunded defined benefit obligation comprises
liabilities towards:
Active employees 126 521 160 690
Continuation members 436 749 423 058
563 270 583 748
Amounts recognised in profit or loss
Included as personnel costs in profit or loss
Current service cost 8 171 7 491
Interest cost 48 335 45 854
Actuarial (gain)/loss recognised during the year (46 779) 47 577
9 727 100 922
Movement in the net liability recognised in the statement of financial position is as follows:
Net liability at beginning of year 583 748 508 594
Expense recognised in profit or loss 9 727 100 922
Benefits payments (30 205) (25 768)
Liability at end of year 563 270 583 748
Historical information
2011 2010 2009 2008 2007
R’000 R’000 R’000 R’000 R’000
Experience adjustments arising on plan liabilities 46 779 (47 577) (56 239) 39 452 (12 300)
Membership
Active employees 306 451
Continuation members 870 866
Total number of members at year end 1 176 1 317
There has been a decrease in the number of active employees due to the majority of employees accepting a buy-out
option. Liability buy-out options were offered to current employees, eligible as at 31 December 2005. At 31 December
2011, 306 employees have chosen not to elect the buy-out option.