PTT Global Chemical Public Company Limited and its Subsidiaries For the year ended 31 December 2023 PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 81 18 Non-current provisions for employee benefits Consolidated financial statements Separate financial statements As at 31 December 2023 2022 2023 2022 (in million Baht) Post-employment benefits 7,614 7,749 3,872 4,302 Other long-term employee benefits 4,321 4,336 474 531 Fair value of plan assets (2,927) (2,919) - - Total 9,008 9,166 4,346 4,833 Defined benefit plans The Group and the Company operate a defined benefit plan based on the requirement of Thai Labour Protection Act B.E 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of service. The defined benefit plans expose the Company to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk. Present value of the defined benefit obligations Consolidated financial statements Separate financial statements 2023 2022 2023 2022 (in million Baht) As at 1 January 9,166 11,121 4,833 4,572 Include in profit or loss: Current service costs 529 575 284 296 Interest on obligation 280 158 134 91 Past service costs - (5) - (5) Actuarial gain (65) (71) (71) (37) 744 657 347 345 Included in other comprehensive income: Gain on remeasurements of defined benefit plans (249) (1,918) (640) (424) Exchange differences on translating financial statement 105 (149) - - (144) (2,067) Z (640) (424) Others Benefits paid by the plan (624) (470) (216) (140) Defined benefit obligations acquired through businesses combinations - - 22 480 Defined benefit obligations decrease from change in ownership interest in subsidiary (134) (75) - - (758) (545) (194) 340 As at 31 December 9,008 9,166 4,346 4,833 325 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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