| sasol limited group retirement benefits |
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| 2000 |
2001 |
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|
2001 |
2000 |
| USDm |
USDm |
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Rm |
Rm |
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The Group provides retirement benefits for all its permanent
employees. A number of defined contribution funds and defined
benefit funds exist. Republic of South African funds are governed by the Pension Funds Act of 1956. In respect of the defined
contribution funds, the employer contributes at a fixed rate and
for defined benefit funds, the employer contributes at a rate
which is adequate to fully fund the benefits.
The defined benefit plans were actuarially valued during the
2000 financial year, provision has been made for all benefit
obligations and no events have taken place which could have
materially affected the funds. |
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Obligations under defined benefit plans |
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The Group obligation comprises |
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| 32 |
110 |
|
Present value of funded obligations |
880 |
224 |
| (1) |
(73) |
|
Less fair value of plan assets |
(586) |
(7) |
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|
|
| 31 |
37 |
|
|
294 |
217 |
| — |
55 |
|
Present value of unfunded obligations |
438 |
— |
| — |
(5) |
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Unrecognised actuarial (losses)/gains |
(37) |
1 |
| — |
— |
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Unrecognised past service costs |
(1) |
(4) |
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| 31 |
87 |
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|
694 |
214 |
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Made up as follows |
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| 32 |
165 |
|
Liabilities |
1 318 |
225 |
| (1) |
(78) |
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Assets |
(624) |
(11) |
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| 31 |
87 |
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|
694 |
214 |
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The principal actuarial assumptions applied
in the determination of fair values include |
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Discount rate – % |
5,0 – 8,0 |
5,0 – 7,0 |
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Expected return on plan assets – % |
9,0 – 11,0 |
9,0 – 11,0 |
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Expected future salary increases – % |
3,0 – 4,0 |
2,5 – 4,0 |
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Employee costs |
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Employee costs charged against income comprise |
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| 598 |
621 |
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Current service costs |
4 745 |
3 757 |
| — |
— |
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Notional interest |
3 |
— |
| — |
— |
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Expected return on plan assets |
(1) |
— |
| — |
(1) |
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Net actuarial losses |
(5) |
— |
| — |
1 |
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Past service costs |
6 |
1 |
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| 598 |
621 |
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|
4 748 |
3 758 |
| 30 |
27 |
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Contributions in respect of defined contribution plans |
209 |
185 |
|
|
|
|
| 628 |
648 |
|
|
4 957 |
3 943 |
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| 26 300 |
30 800 |
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Number of employees at 25 June |
30 800 |
26 300 |
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