Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)2.13 Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differencesarising between the tax bases of assets and liabilities and their carrying amounts in the financialstatements. Deferred income tax is determined using tax rates (and laws) that have been enactedor substantively enacted by the balance sheet date, and that are expected to apply when the relateddeferred income tax asset is realized or the deferred income tax liability is settled.Deferred income tax assets are recognized to the extent that it is probable that future taxableprofit will be available against which the temporary differences can be utilized.2.14 Employee benefits(i) Defined benefit planIn accordance with the Labour Code, upon the employee’s first termination of employmentafter being entitled to a retirement pension or disability pension, the company pays a minimum ofthe employee’s average monthly salary.The Company also pays bonuses at 50, 55, and 60 years, if there is no entitlement to retirementbenefits. The maximum amount of bonus paid depends on the number of years worked forthe Company.Duration of employmentIn EurosUp to 2 years 1003 – 4 years 1665 – 6 years 2667 years 498more than 8 years 664The liability recognized in the balance sheet in respect of defined benefit pension plans isthe present value of the defined benefit obligation at the balance-sheet date together with adjustmentsfor unrecognized actuarial gains or losses and past service costs. The defined benefitobligation is calculated annually by independent actuaries using the ‘projected unit credit’ method.The present value of the defined benefit obligation is determined by discounting the estimatedfuture cash outflows using interest rates of treasury bonds that have terms to maturity that approximatethe terms of the related pension liability.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptionsare charged or credited to income when incurred. Changes in pension plans are recognizedin the income statement over the employees’ expected average remaining working lives.(ii) Defined contribution plansThe Company pays contributions to state and private pension insurance plans.During the year, the Company makes contributions to mandatory health, sickness and injuryinsurance, and to the guarantee fund and unemployment insurance fund at an amount determinedby law based on gross salaries. During the year, the Company made contributions to thesefunds at 35.2% (2008: 35.2%) of gross salaries, up to the amount of the monthly salary, which isdetermined by the relevant legal regulations. The contribution made by an employee was 13.4%(2008: 13.4%). Costs of the contributions are recognized in the income statement in the sameperiod as related personnel costs.Ročná účtovná závierka a komentár I Company Accounts131