Annual - Johnson Electric

32. Employee benefit expense (Cont’d)
32.1Pensions – Defined Contribution Plans
NOTES TO THE ACCOUNTS
The Group operates two defined contribution schemes in Hong Kong which comply with all the respective
requirements under the Occupational Retirement Schemes Ordinance (“ORSO”) and the Mandatory Provident
Fund (“MPF”) Ordinance. All the assets under the schemes are held separately from the Group under
independently administered funds. Contributions to the MPF Scheme follow the MPF Ordinance while
contributions to the ORSO Scheme are based on 5% of the basic salary of the employees.
The Group also operates other defined contribution retirement schemes which are available to certain employees
in the United States of America.
Contributions are charged to profit and loss account as incurred and may be reduced by contributions forfeited
from those employees who leave the ORSO scheme prior to vesting fully in the contributions.
Forfeited contributions totaling US$1,100,000 (2005: US$0) were used to offset the contribution during the
year leaving US$371,000 (2005: US$1,278,000) available at the year-end to reduce future contributions.
32.2Pensions – Defined Benefit Plans
The Group’s major plans were valued by qualified actuaries as at 31st March 2006 and 31st March 2005 using
the projected unit credit method to account for the Group’s pension accounting costs.
32.3Directors’ Emoluments
The remuneration of every Director for the year ended 31st March 2006 is set out below:
Other
Employer’s
contribution
to pension
Fees Salary benefits* scheme Total
Name of Director US$’000 US$’000 US$’000 US$’000 US$’000
Yik-Chun Koo Wang – 67 – 5 72
Patrick Shui-Chung Wang – 600 – 48 648
Winnie Wing-Yee Wang – 377 123 30 530
Richard Li-Chung Wang – 500 – 40 540
Peter Stuart Allenby Edwards 38 – – – 38
Patrick Blackwell Paul 50 – – – 50
Arkadi Kuhlmann 42 – – – 42
Oscar De Paula Bernardes Neto 34 – – – 34
Peter Kin-Chung Wang 30 – – – 30
Michael John Enright 41 – – – 41
Laura May-Lung Cha 41 – – – 41
276 1,544 123 123 2,066
Johnson Electric Holdings Limited 99