BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 82 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 51 15. Pension Plan Asset, continued d) The amounts recognised in the statement of income are as follows: Note 2022 2021 Current service cost $ 743,520 658,231 Interest cost on obligation 1,172,394 1,007,280 Expected return on plan assets ($1,232,822) (1,063,172) Administrative expenses 26,534 25,372 Net pension expense included in staff costs (Note 5) $ 709,626 627,711 e) The amounts recognised in other comprehensive income are as follows: 2022 2021 Remeasurement loss (gain) on obligation $ (1,842,664) 432,903 Remeasurement (gain) loss on plan assets (1,048,302) (376,554) $ (2,890,966) 56,349 f) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2022 2021 Discount rate at end of year 8.25% 7.75% Expected return on plan assets at end of year 8.25% 7.75% Future salary increases 6.75% 7.25% Future pension increases 1.75% 1.75% Future changes in NIS ceiling 4.25% 4.25% Proportion of employees opting for early retirement 0.00% 0.00% Termination of active members 0.00%-11.25% 0.00%-11.25% Future expenses 0.00% 0.00% At March 31, 2022, the weighted-average duration of the defined benefit obligation was 19.79 (2021 – 21.33) years.
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