Annual Report 2024

252 2024 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: 2024 2023 $’000 $’000 At 1 January 80,492 61,821 Payments made during the year (7,411) (6,438) 73,081 55,383 Actuarial losses arising from changes in demographic assumptions 52 – Actuarial losses arising from changes in financial assumptions 8,040 2,738 Actuarial losses arising from experience adjustments 4,592 12,563 Total amounts recognised in other comprehensive income 12,684 15,301 Current service cost 9,205 7,698 Interest cost 2,338 2,110 Total amounts recognised in profit or loss (note 5(a)) 11,543 9,808 At 31 December 97,308 80,492 The weighted average duration of the defined benefit obligations is 7.3 years (2023: 7.0 years). Amounts recognised in the consolidated statement of profit or loss and other comprehensive income as follows: 2024 2023 $’000 $’000 Staff costs 11,543 9,808 Actuarial losses recognised in other comprehensive income 12,684 15,301 Significant actuarial assumptions and sensitivity analysis are as follows: 2024 2023 Discount rate 3.6% 3.2% Future salary increases 3.0% 4.0% The below analysis shows how the LSP liability would have (decreased)/increased as a result of 0.5 percentage point change in the significant actuarial assumptions: 2024 2023 Increase in 0.5 percentage point Decrease in 0.5 percentage point Increase in 0.5 percentage point Decrease in 0.5 percentage point $’000 $’000 $’000 $’000 Discount rate (3,391) 3,618 (2,738) 2,919 Future salary increases (3,773) 3,809 (3,434) 3,593 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.