83 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 51 15 Pension Plan Asset …continued 6) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2023 2022 Discount rate at end of year 8.25% 8.25% Expected return on plan assets at end of year 8.25% 8.25% Future salary increases 6.75% 6.75% 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, 2023, the weighted-average duration of the defined benefit obligation was 19.03 (2022 - 19.79) years. 7) Sensitivity analysis on projected benefit obligation: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Increase Decrease Discount rate (1% movement) (2,234,510) 2,914,638 Future salary growth (0.5% movement) 972,655 (883,717) As mortality continues to improve, estimates of life expectancy are expected to increase. The effect on the projected benefit obligation of an increase of one year in the life expectancy is approximately $340,033. 16 Other Assets Other assets are comprised of the following: Notes 2023 $ 2022 $ Accounts receivable 21,879,423 19,459,152 Prepaid employee benefit 19 432,119 2,018,414 Prepaid expenses 3,124,425 3,804,804 Premiums receivable 368,064 537,745 Other assets re Goodwill Group 28 39,786 39,786 25,843,817 25,859,901
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