annual report - FIAT SpA

The provisions for employee benefits and similar may be summarized as follows:
Employee severance indemnity
The employee severance indemnity represents the obligation to employees under Italian law (amended by Law 296/06)
that has accrued up to 31 December 2006 and that will be settled when the employee leaves the company. In certain
circumstances, a portion of the accrued liability may be given to an employee during his working life as an advance.
This is an unfunded defined benefit plan, under which the benefits are almost fully accrued, with the sole exception of
future revaluations.
Other
The item other includes post-employment benefits accrued by employees, former employees and the Chief Executive
Officer following additional or individual labor agreements. These schemes are unfunded.
Other long-term employee benefits
This item mainly includes benefits which are due to employees who reach a specified seniority.
Post-employment benefits at 31 December 2010 and 2009 are made up as follows:
(€ thousand)
Present value of unfunded defined
Employee severance indemnity Other Total
31
December
2010
31
December
2009
31
December
2010
31
December
2009
31
December
2010
31
December
2009
benefit plan obligations 4,993 6,280 11,736 17,486 16,729 23,766
Unrecognized actuarial gains/(losses) 585 708 777 (1,182) 1,362 (474)
Net liability 5,578 6,988 12,513 16,304 18,091 23,292
Fiat S.p.A. – Statutory Financial Statements at 31 December 2010 296