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Annual financial statements
Post-retirement medical aid obligations
Download pdf| GROUP | ||||
| (R'million) | 2022 | 2021 | ||
| 30 | Post-retirement medical aid obligations | |||
| Balance at the end of the year | ||||
| Present value of obligations | 322,9 | 563,8 | ||
| Liability at reporting date | 322,9 | 563,8 | ||
| Movement in the liability recognised in the statement of financial position: | ||||
| Balance at the beginning of the year | 563,8 | 517,9 | ||
| Contributions paid | (37,2) | (49,6) | ||
| Buy-out1 | (182,9) | – | ||
| Other expenses included in staff costs | 42,2 | 55,0 | ||
| Current service cost | 1,5 | 1,6 | ||
| Interest cost | 40,7 | 53,4 | ||
| Actuarial (gains)/loss released in terms of IAS 19R | (63,0) | 32,7 | ||
| Transfer from assets previously held for sale | – | 7,8 | ||
| Balance at the end of the year | 322,9 | 563,8 | ||
The employer’s estimate of contributions expected to be paid for the 2023 financial year is R30,6 million (2022: R49,6 million). |
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| 1 | Represents the buy-out of a total of 272 members as at 31 December 2021. | |
Detailed disclosure and the respective assumptions and valuation inputs have been included in Annexure F. |
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