Annual Report 2023

248 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) (e) Amounts recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 2023 2022 $’000 $’000 Current service cost 34,213 44,067 Net interest income on net defined benefit assets (55,476) (24,694) Administrative expenses paid 3,174 3,289 Total amounts recognised in profit or loss (note 5(a)) (18,089) 22,662 Actuarial losses/(gains) 31,535 (167,816) (Return)/loss on plan assets, excluding interest income (81,728) 563,625 Total amounts recognised in other comprehensive income (50,193) 395,809 Total defined benefit (income)/cost (68,282) 418,471 (f) Significant actuarial assumptions and sensitivity analysis are as follows: 2023 2022 Discount rate – Monthly Rated Employees Scheme 3.0% 3.6% – Daily Rated Employees Scheme 2.9% 3.6% Future salary increases 4.0% 4.0% The below analysis shows how the defined benefit obligation would have (decreased)/increased as a result of a 0.25 percentage point change in the significant actuarial assumptions: 2023 2022 Increase in 0.25 percentage point Decrease in 0.25 percentage point Increase in 0.25 percentage point Decrease in 0.25 percentage point $’000 $’000 $’000 $’000 Discount rate (13,577) 13,908 (14,908) 15,286 Future salary increases 12,252 (12,027) 13,643 (13,378) The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions.