Annual Report 2023

259 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 30 Provision for long service payments (continued) The present value of LSP liability and its movements are as follows: 2023 2022 $’000 $’000 (restated) At 1 January 61,821 919 Payments made during the year (6,438) (8,337) 55,383 (7,418) Actuarial losses arising from changes in financial assumptions 2,738 – Actuarial losses arising from experience adjustments 12,563 – Total amounts recognised in other comprehensive income 15,301 – Current service cost 7,698 8,908 Interest cost 2,110 11 Past service cost – 60,320 Total amounts recognised in profit or loss (note 5(a)) 9,808 69,239 At 31 December 80,492 61,821 The weighted average duration of the defined benefit obligation is 7.0 years (2022: 7.8 years). Amounts recognised in the consolidated statement of profit or loss and other comprehensive income as follows: 2023 2022 $’000 $’000 (restated) Staff costs 9,808 69,239 Actuarial losses recognised in other comprehensive income 15,301 – Significant actuarial assumptions and sensitivity analysis are as follows: 2023 2022 Discount rate 3.2% 3.7% Future salary increases 4.0% 4.0%