| 31.12.2021 | 31.12.2020 | |
|---|---|---|
| Long-term provision for jubilee bonuses, retirement benefits, disability benefits and death in service benefits | 20,403 | 21,563 |
| Total | 20,403 | 21,563 |
Basic actuarial estimates as at the balance-sheet date
| 2021 | 2020 | |
|---|---|---|
| Discount rate as at 31 December | 3.41% | 1.59% |
Assumptions concerning the increase in future remuneration as at 31 December 2021:
| 2022 | 2023 | 2024 | 2025 | 2026 | Other years | |
|---|---|---|---|---|---|---|
| Extruded Products Segment | 6% | 4% | 4% | 4% | 4% | 2.5% |
| Flexible Packaging Segment | 6% | 6% | 6% | 6% | 6% | 2.5% |
| Aluminium Systems Segment | 6% | 6% | 6% | 6% | 6% | 2.5% |
| Other companies | 6% | 6% | 6% | 6% | 6% | 2.5% |
Assumptions concerning the increase in future remuneration as at 31 December 2020:
| 2021 | 2022 | 2023 | 2024 | 2025 | Other years | |
|---|---|---|---|---|---|---|
| Extruded Products Segment | 4% | 4% | 4% | 4% | 4% | 2.5% |
| Flexible Packaging Segment | 5% | 5% | 5% | 5% | 5% | 2.5% |
| Aluminium Systems Segment | 3% | 3% | 3% | 3% | 2,5% | 2.5% |
| Other companies | 5% | 3% | 5% | 5% | 5% | 2.5% |
The short-term part of the provision for jubilee bonuses, retirement benefits, disability benefits and death in service benefits is recognised in other short-term provisions.
The provisions for retirement benefits, disability benefits, death in service benefits and jubilee bonuses were calculated using an individual method, for each employee separately. The provision is calculated using the present value of the Group future liabilities due to employee benefits. The provision calculated in such a way is discounted in accordance with actuarial methodology. The actuarial discount is the product of the financial discount and the probability for a given employee to reach the retirement age during the employment in the Group from the time of acquiring the right to the employee benefit. The aforementioned probability was determined using the Multiple Decrement Model, where the following three risks were taken into account:
The financial discount rate was determined on the basis of market rates of return on government bonds, whose currency and maturity dates are the same as the currency and the estimated maturity of obligations related to employee benefits.
