Annual Report 2011/12 - International Entertainment Corporation

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201231. RETIREMENT BENEFITS SCHEMESThe Group participates in mandatory provident fund schemes in Hong Kong. The relevant scheme assets are heldunder mandatory provident funds operated by HSBC Life (International) Limited and Manulife Provident Funds TrustCompany Limited. Under these schemes, the Group is required to make contributions to the schemes calculated atthe higher of 5% of the employees’ relevant income (as defined in the Mandatory Provident Fund Scheme Ordinance)on a monthly basis and HK$1,000.The relevant subsidiaries in the Philippines have provided long service payments for employees who have provided atleast five years’ services to the subsidiaries in accordance with the regulations in the Philippines. The subsidiaries ofthe Group operating in the Philippines have not joined any retirement benefits scheme for long service payment. Thedirectors provided the long service payment based on the requirements of the relevant regulations and the historicalturnover rate of the employees. In the opinion of the Directors, the long service payment provision is consideredadequate as at the end of the reporting period. In addition, the Group operates a defined contribution retirementbenefit plans for all executive employees and the assets of the plans are held separately from those of the Group infunds under the control of trustee. The only obligation of the Group with respect of the defined contribution retirementbenefit plans is to make the specific contributions.The Group’s contributions to the retirement benefits schemes charged to the consolidated income statement are asfollows:2012 2011Hong KongThePhilippines Total Hong KongThePhilippines TotalHK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000Employers’ contributions 93 1,212 1,305 112 339 451International Entertainment Corporation - Annual Report 2011/12 83