Annual Report 2024

240 2024 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: 2024 2023 $’000 $’000 At 1 January 995,791 1,053,336 Remeasurements: – Actuarial losses/(gains) arising from changes in demographic assumptions 80 (882) – Actuarial (gains)/losses arising from changes in financial assumptions (64,034) 34,843 – Actuarial gains arising from liability experience (21,347) (2,426) (85,301) 31,535 Benefits paid by the plans (154,029) (159,749) Current service cost 31,325 34,213 Interest cost 28,160 36,456 (94,544) (89,080) At 31 December 815,946 995,791 The weighted average duration of the Monthly Rated and Daily Rated defined benefit obligations are 6.0 and 4.5 years respectively (2023: 6.6 and 4.8 years respectively). (d) Movements in plan assets: 2024 2023 $’000 $’000 At 1 January 2,605,064 2,594,327 Administrative expenses paid (2,904) (3,174) Benefits paid by the plans (154,029) (159,749) Interest income 75,315 91,932 Return on plan assets, excluding interest income 48,257 81,728 At 31 December 2,571,703 2,605,064