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31 Employee leaving indemnity and other employee benefits

 

This includes provision for employee leaving indemnities and other contractual benefits, net of advances paid out and payments made to the social security institutions pursuant to current regulations. The calculation is made using actuarial techniques and discounting future liabilities to the balance sheet date. These liabilities comprise the matured receivables of the employee at the presumed date of leaving the company.

The item “Gas discount” represents annual indemnities provided to Federgasacqua employees, hired prior to January 1980, which may be transferred to their heirs. "Premungas" is a supplementary pension fund for employee members of Federgasacqua hired prior to January 1980. This fund was closed with effect from January 1997, and changes quarterly to settle payments made to eligible retirees. In both cases, recalculations have been made using the same actuarial methods implemented for the employee leaving indemnities. The item “tariff reduction provision” was provided to cover the charges deriving from the acknowledgement to retired staff of the electricity business unit of tariff concessions for electricity consumption.

The table below shows the changes in the above provisions during the year.

 31-Dec-2009ProvisionsUses and other movementsChanges in scope of consolidation31-Dec-2010
provisions financial charges
Employee leaving indemnity prov.92,5584351,262-6,90530787,657
Tariff reduction provision3,40023878-376 3,340
Premugas Fund2,58519852-451 2,384
Gas discount2,4744635-293 2,262
Total101,017917 1,427- 8,025 307  95,643

The item “Uses and other movements” mainly includes the amounts paid to employees.

The “change in the scope of consolidation” includes the value of employee leaving indemnity as at 1 August 2010 of the branch called “Discarica Cà Guglielmo” (“Cà Guglielmo Landfill”) conferred to the Marche Multiservizi Group.

The main assumptions used in the actuarial estimate of the employee benefits are as follows:

 31-Dec-201031-Dec-2009
Average discount rate4.65%4.52%
Average rate of increase in cost of labour3.50%3.50%
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