Page 46 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 26. Employee Benefit Obligations (Continued) The movement in the present value of the defined benefit obligation during the year was as follows: 2020 $’000 2019 $’000 At beginning of year 1,033,848 1,202,907 Current service cost 62,807 67,535 Interest cost 71,771 89,635 Re-measurements – Experience adjustments (56,529) (436,796) Change in demographic assumptions 711,969 - (Gain)/loss on change in financial assumptions (138,226) 126,408 517,214 (310,388) Benefits paid (19,073) (15,841) At end of year 1,666,567 1,033,848 University of Technology, Jamaica 162
RkJQdWJsaXNoZXIy NDQ5NzI=