XML 57 R48.htm IDEA: XBRL DOCUMENT v3.24.3
ACCRUED POST-EMPLOYMENT AND TERMINATION BENEFITS (Tables)
6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
SCHEDULE OF ASSUMPTIONS USED FOR ACTUARIAL VALUATIONS

The principal assumptions used for the purposes of the actuarial valuations are as follows:

 

   June 30, 2024   December 31, 2023   June 30, 2023 
   (Unaudited)       (Unaudited) 
Discount rate   1.75%-2.25%   2.25%-2.75%   2.25%-3.00%
Mortality rate   (2010-2013) - CL5/CL6 up 2 years* 
Annual withdrawal rate   3.00%   3.00%   3.00%
Annual increase rate of supplemental medical benefits   6.00%   6.00%   6.00%
Annual increase rate of social insurance, housing fund and EAP   8.00%   8.00%   8.00%

 

*China Life Insurance Mortality Table (2010-2013)
SCHEDULE OF RETIREMENT AND SUPPLEMENTAL BENEFIT OBLIGATIONS

Movements in the present value of the retirement and supplemental benefit obligations during the six months ended June 30, 2024 and June 30, 2023 are as follows:

 

   For the six months ended 
   June 30, 2024   June 30, 2023 
   US$’000   US$’000 
   (Unaudited)   (Unaudited) 
Beginning of period   52,350    60,915 
Service costs   39    32 
Interest costs   554    745 
Benefits paid   (4,151)   (4,334)
Actuarial loss arising from changes in financial assumptions   134    (87)
Past service costs   -    - 
Translation adjustment   (1,181)   (2,827)
End of period   47,745    54,444 
SCHEDULE OF RETIREMENT AND SUPPLEMENTAL BENEFIT OBLIGATION IN CONSOLIDATED BALANCE SHEET

The amount of retirement and supplemental benefit obligations recognized in the consolidated balance sheets are determined as follows:

 

   June 30, 2024   December 31, 2023 
   US$’000   US$’000 
   (Unaudited)   (Unaudited) 
End of period/year   47,745    52,350 
Less: net amount due within one year   (8,134)   (8,809)
Net amount due after one year   39,611    43,541 
SCHEDULE OF CONSOLIDATED STATEMENTS OF OPERATIONS COMPONENTS

The following amounts were recorded in the consolidated statements of operations as components of the net periodic benefit cost:

 

   June 30, 2024   June 30, 2023 
   For the six months ended 
   June 30, 2024   June 30, 2023 
   US$’000   US$’000 
   (Unaudited)   (Unaudited) 
Service costs   39    32 
Interest costs   554    745 
Amortization of actuarial losses   6    - 
Amortization of past service cost   57    13 
Net periodic benefit cost   656    790 
SCHEDULE OF AMOUNTS RECORDED IN CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

The following amounts were recorded in the consolidated statements of comprehensive loss:

 

   June 30, 2024   June 30, 2023 
   For the six months ended 
   June 30, 2024   June 30, 2023 
   US$’000   US$’000 
   (Unaudited)   (Unaudited) 
Actuarial loss arising from changes in financial assumptions   157    35 
Past service costs   -    - 
Amortization recognized in net period benefit cost   (63)   (13)
Total   94    22