Entire Document - Chris Hani District Municipality

The principal assumptions used for the purposes of the actuarial valuations were as follows:
2009 2008
Discount Rate 9.11% 10.71%
Health Care Cost Inflation Rate 7.78% 9.58%
Net Effective Discount Rate 1.23% 1.03%
Expected Retirement Age - Females 63 63
Expected Retirement Age - Males 63 63
Movements in the present value of the Defined Benefit Obligation were as follows:
2009 2008
R
R
Balance at the beginning of the year 15 762 816 13 331 046
Current service costs 970 945 789 358
Interest cost 1 659 576 1 047 036
Benefits paid (534 484) (486 181)
Actuarial losses/(gains) 601 214 1 081 556
Present Value of Fund Obligation at the end of the Year 18 460 067 15 762 816
Actuarial losses/(gains) unrecognised - -
Total Recognised Benefit Liability 18 460 067 15 762 816
The amounts recognised in the Statement of Financial Position are as follows:
2009 2008
R
R
Present value of fund obligations 18 460 067 15 762 816
Unfunded Accrued Liability 18 460 067 15 762 816
Unrecognised Actuarial Gains/(Losses) - -
Total Benefit Liability 18 460 067 15 762 816
The amounts recognised in the Statement of Financial Performance are as follows:
2009 2008
R
R
Current service cost 970 945 789 358
Interest cost 1 659 576 1 047 036
Actuarial losses/(gains) 601 214 1 081 556
Total Post-retirement Benefit included in Employee Related Costs (Note 22) 3 231 735 2 917 951
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