Download the Annual report 2011 - Unisa

Terms and conditions of outstanding loans were as follows:
Currency
Year of
maturity
UNISA ANNUAL REPORT 2011
Nominal
interest
rate
Fair Value
| 97 |
2011 2010
Carrying
Amount
Fair Value
Carrying
Amount
R’000 R’000 R’000 R’000
Eighty One Main St
Nominees Ltd
ZAR 2012 9.25% 20 22
Eighty One Main St
Nominees Ltd
ZAR 2011 9.75% 22 24 58 68
Eighty One Main St
Nominees Ltd
ZAR 2011 11.9% 25 28
Sanlam ZAR 2011 7.875% 11 12
Sanlam ZAR 2011 9.25% 49 56
Sanlam ZAR 2012 9.75% 65 70 123 147
Sanlam ZAR 2012 14.7% 425 457 709 854
512 551 995 1 187
The University receives a subsidy from the Department of Higher Education and Training amounting to 85% of the interest
and capital repayments. The fair value was calculated at a rate of 7.55% (2010: 13.02%)
For more information about the University’s exposure to interest rate and liquidity risks see note 19.
NOTE 12: POST-EMPLOYMENT OBLIGATIONS
12.1 Post-Employment medical Obligations: Former Unisa, TSA and Vista (Vudec)
In accordance with past personnel practice, the Council has undertaken to make contributions to a defined benefit plan
that provides medical benefits for employees upon retirement. The plan entitles retired employees and future retirees
of the former Unisa to receive the following contributions:
• Employees who retired up to and including 30 June 1990 – 100% of the contributions.
• Employees who retired on or after 1 July 1990 and were employed by Unisa before 1 February 1996, receive a
subsidy of 80% of contributions to Bonitas and 73,44% of contributions to Bestmed.
• Employees who are employed as from 1 February 1996 up to and including 31 August 2003 – 50% of the contributions.
• Employees who are employed as from 1 September 2003 – 2% per year of employment with a maximum of 50%
of the contributions.
• TSA members receive a subsidy of 60% of contributions, inclusive of any savings account contribution, on retirement.
• Vudec members receive a subsidy of 70% of contributions. The entitlement of these benefits is based upon employment
prior to 1 January 2000.
• Employees employed after 31 December 2005 receive no post-retirement medical benefits.
Amounts recognised in the statement of financial position:
2011 2010
R’000 R’000
Post-employment defined benefit medical obligations 563 270 583 748
Non-current
Post-employment defined benefit medical obligations 531 200 434 813