Notes to the Financial Statements PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 82 The principal actuarial assumptions as at 31 December 2023 and 2022 (expressed as weighted-averages) were as follows: Actuarial assumptions Consolidated financial statements Separate financial statements 2023 2022 2023 2022 (%) Discount rate 1.0 - 7.0 0.7 - 7.6 3.4 2.8 Future salary growth 3.0 - 8.0 2.5 - 8.0 6.0 6.0 Employee turnover 0.0 - 50.0 0.0 - 50.0 0.0 - 4.0 0.0 - 8.0 Retirement age 55 - 67 years 55 – 67 years 60 years 60 years Assumptions regarding future mortality have been based on published statistics and mortality tables. As at 31 December 2023, the weighted-average duration of the defined benefit obligation was 11 years (2022: 10 years). Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Consolidated financial statements Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption At 31 December 2023 2022 2023 2022 (in million Baht) Discount rate (1,037) (990) 1,157 1,432 Future salary growth 747 1,049 (653) (711) Separate financial statements Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption At 31 December 2023 2022 2023 2022 (in million Baht) Discount rate (390) (359) 391 678 Future salary growth 396 668 (346) (381) Plan assets The major categories and fair value of plan assets at the end of the reporting period for each category were as follows: Consolidated financial statements Separate financial statements 2023 2022 2023 2022 (in million Baht) Equity Securities 748 923 - - Government and Corporate Bonds 1,028 979 - - Others 1,151 1,017 - - Total 2,927 2,919 - - 326
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