2022 AVBOB Integrated Annual Report - FINANCIALS

CHAPTER 8 | FINANCIAL STATEMENTS 122 INTEGRATED ANNUAL REPORT 2022 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) 17. EMPLOYEE BENEFIT OBLIGATIONS (continued) Five year summary of employee benefit obligations: At 30 June 2022 2021 2020 2019 2018 R 000 R 000 R 000 R 000 R 000 SOCIETY Present value of obligations 258 154 314 732 206 150 196 188 157 645 Experience adjustments on plan liabilities 82 ( 173) 497 ( 326) 13 GROUP Present value of obligations 300 895 366 670 231 870 223 540 181 180 Experience adjustments on plan liabilities ( 205) ( 410) 728 ( 642) 766 Long-term incentive plan Appreciation Retention Total Unit value Units issued units units* units units 2022 For the 2015 financial year (issued at R12.44) 220 644 - 220 644 50.73 For the 2016 financial year (issued at R13.64) 276 999 - 276 999 46.10 For the 2017 financial year (issued at R14.59) 456 603 - 456 603 43.89 For the 2018 financial year (issued at R14.60) 877 351 - 877 351 38.92 For the 2019 financial year (issued at R14.60) 1 147 823 254 452 1 884 502 33.92 For the 2020 financial year (issued at R14.62) 877 130 279 086 1 621 779 30.76 For the 2021 financial year (issued at R14.71) 941 384 332 574 1 790 489 22.07 4 797 934 866 112 7 128 367 * - 1 464 321 465 563 - - SOCIETY 482 227 516 531 Performance units issued can increase or decrease based on certain performance criteria and are adjusted accordingly. - The Group operates an LTIP. The increase in the fair value of the share scheme units is recognised as an expense in the period in which the employees' services are rendered. The issued units at the end of the year are as follows: The Group operates a Long-term incentive plan (LTIP) in the Society in which the subsidiaries participate. The increase in the fair value of the share scheme units is recognised as an expense in the same period in which the employees' services are rendered. The number of participating members in respect of gratuity payments of the Society totals 73 (2021: 73), the medical benefit totals 8 (2021: 8) and the pensioner benefits totals 144 (2021: 166). The number of participating members in respect of gratuity payments of the Group totals 114 (2021: 114), the medical benefit totals 26 (2021: 26) and the post- pensioner benefits 283 (2021: 317). Managers who retired from 1 November 1998 do not qualify for the pensioner benefit. Performance