Annual Report 2023

247 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 21 Employee retirement benefits (continued) (c) Movements in the present value of the defined benefit obligations: 2023 2022 $’000 $’000 At 1 January 1,053,336 1,344,104 Remeasurements: – Actuarial gains arising from changes in demographic assumptions (882) (2,668) – Actuarial losses/(gains) arising from changes in financial assumptions 34,843 (157,102) – Actuarial gains arising from liability experience (2,426) (8,046) 31,535 (167,816) Benefits paid by the plans (159,749) (183,501) Current service cost 34,213 44,067 Interest cost 36,456 16,482 (89,080) (122,952) At 31 December 995,791 1,053,336 The weighted average duration of the Monthly Rated and Daily Rated defined benefit obligations are 6.6 and 4.8 years respectively (2022: 7.3 and 4.9 years respectively). (d) Movements in plan assets: 2023 2022 $’000 $’000 At 1 January 2,594,327 3,303,566 Administrative expenses paid (3,174) (3,289) Benefits paid by the plans (159,749) (183,501) Interest income 91,932 41,176 Return/(loss) on plan assets, excluding interest income 81,728 (563,625) At 31 December 2,605,064 2,594,327