b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Continued)Pensions and other post-employment Thepensionbasepercentageforfinancialyearbenefit plans2017hasbeensetatl00%ofthebasesalary.ThepensionbasepercentageforfinancialyearTheGrouphastwodefinedbenefitpensionplans 2018hasnotyetbeendeterminedbytheBoardof(funded),onefortheemployeesandoneforthe thepensionfund.Theannualactuarialvaluation,directors.Theemployeepensionplanisafinal taking into account the funding as at December salaryplanandrequirescontributionstobemade 31,2017andthesalaryincreaseasatJanuary1,toaseparatelyadministeredfund.Thedirectors 2018,hasledtotheconclusionthatapensionbasepensionplanisaninsuredplan.Inaddition,the percentageof100%ispossibleforfinancialyearGroupprovidescertainpost-employmentbenefits 2018.Therefore,itisassumedthatpensionabletoemployees(unfunded)suchashealthcare, salaryfor2018willbesetat100%ofthesalaryasexcedentgratuity,funeralgrants,pensiongratuity, atJanuary1,2018.jubileeandadditionalholidayallowances.Theretirementpensioncommencesuponreachingtheretirementageof60.However,aretirementPensions age of 55 applies to employees in certain special categories.TheretirementpensionamountstoEmployee pension planamaximumof70%ofthepensionbaseontheTheemployeepensionplanprovidesentitlements retirementdate.Thepensionaccrualrateis2%.toretirementanddisabilitypensionforthebenefit Annually,thepensionsinpaymentanddeferredoftheparticipantandwidows,widowersand pensionsareadjustedonthebasisofexcessorphanspensionforthebenefitofthesurvivors. interest,whichisthedifferencebetweenthereturnThepensionentitlementsareaccruedtime- on the pension assets and the actuarial interest of proportionately.4%,whichisusedtodeterminethepresentvalueThepensionentitlementsaredeterminedaccording of the pension obligations of the fund.to a formula based on the pensionable salaryTheemployeepensionplanisadministeredbyand an employee accrual rate of 2% per annum.theStichtingPensioenfondsvoorWerknemersofThelastpensionablesalaryalsoappliestopast StaatsolieMaatschappijSurinameN.V.(Pensionservice.Hence,increaseofpensionablesalary FundforEmployeesofStaatsolieMaatschappijin future years will lead to an increase of accruedSurinameN.V.),forwhichStaatsoliehasenteredpension entitlements. According to the formal termsinto an agreement with the fund. oftheplan,foreveryyearthepensionablesalaryis determined by the Board of the pension fundTheplanisfinancedbycontributionsandbytheaccording to a formula. returnsontheplanassets.Theemployersandemployeescontributionsarelimitedtoamaximumpercentageoftheparticipantssalaryassetbythelabor agreement.83'