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32 Employee leaving indemnity and other benefits

 

This includes provisions 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 methods and updating future liabilities at the date of the balance sheet. 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 from January 1997, and its quarterly movements regard settlement of payments made to entitled retirees only. 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-11 AllocationsUses and other movements Changes in scope
of consolidation
30-Jun-12
  AllocationsFinancial charges   
Employee leaving indemnity prov.83,9642801,913(2,719) -  83,438
Tariff reduction provision3,35324293 (245) -   3,443
Premugas provision2,20923750(213) -   2,283
Gas discount2,0698039(141) -   2,047
Total91,5958392,095(3,318) -  91,211

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

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

  30-Jun-12 31-Dec-11
Annual technical rate of discounting3.99%4.78%
Annual rate of inflation1.70%1.70%
Average rate of increase in total salaries and wages3.50%3.50%
Annual rate of increase in employee leaving indemnity2.78%2.78%
Annual frequency of leaving employment due to causes other than death1.71%1.71%
Average annual frequency of use of the provision for employee leaving indemnity1.42%1.42%

While interpreting these assumptions the following information should take into consideration:

  1. for probabilities of death, those relating to Istat SIMF 2006 tables;
  2. for probabilities of disability, those, distinguished by gender, adopted in the Inps model for 2010 projections;
  3. as regards the pension age, the new effective dates were considered for pension treatment envisaged by the Decree Law no. 201 of 6 December 2011, including "Urgent provisions for growth, equity and consolidation of public accounts", as well as the adjustment policy of requirements to access the pension system, the increased life expectancy pursuant to Art. 12 of the Decree Law no. 78 of 31 May 2010, converted, with amendments, by Law no. 122, of 30 July 2010.
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