b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)Pensions and other post-employment takingintoaccountthefundingasatDecemberbenefit plans31,2019andthesalaryincreaseasatJanuary1,2019,hasledtotheconclusionthatapensionbaseTheGrouphastwodefinedbenefitpensionplans percentageof100%ispossibleforfinancialyear(funded),onefortheemployeesandoneforthe 2019.Therefore,itisassumedthatpensionabledirectors.Theemployeepensionplanisafinal salaryfor2019willbesetat100%ofthesalaryassalaryplanandrequirescontributionstobemade atJanuary1,2019.toaseparatelyadministeredfund.Thedirectorspensionplanisaninsuredplan.Inaddition,the TheretirementpensioncommencesuponreachingGroupprovidescertainpost-employmentbenefits theretirementageof60.However,aretirementtoemployees(unfunded)suchashealthcare, ageof55appliestoemployeesincertainspecialexcedentgratuity,funeralgrants,pensiongratuity, categories.Theretirementpensionamountstojubileeandadditionalholidayallowances. amaximumof70%ofthepensionbaseontheretirementdate.Thepensionaccrualrateis2%.Pensions Annually,thepensionsinpaymentanddeferredpensionsareadjustedonthebasisofexcessEmployee pension planinterest,whichisthedifferencebetweenthereturnon the pension assets and the actuarial interest of Theemployeepensionplanprovidesentitlements 4%,whichisusedtodeterminethepresentvaluetoretirementanddisabilitypensionforthebenefit of the pension obligations of the fund.oftheparticipantandwidows,widowersandorphanspensionforthebenefitofthesurvivors. TheStaatsolieandSPCSemployeepensionplansThepensionentitlementsareaccruedtime- areadministeredbytheStichtingPensioenfondsproportionately.voorWerknemersvanStaatsolieMaatschappijSurinameN.V.(PensionFundforEmployeesThepensionentitlementsaredeterminedaccording ofStaatsolieMaatschappijSurinameN.V.),forto a formula based on the pensionable salarywhichStaatsolieandSPCShaveenteredintoandanemployeeaccrualrateof2%perannum. agreementswiththefund.Thelastpensionablesalaryalsoappliestopastservice.Hence,increaseofpensionablesalary TheSPCSpensionplanwasestablishedininfutureyearswillleadtoanincreaseofaccrued January2019.TheSPCSemployeesjoinedpension entitlements. According to the formal termsthe pension plan as at that date and pension oftheplan,foreveryyearthepensionablesalary benefitswereawardedpastserviceduringtheiris determined by the Board of the pension fundemploymentwithSPCS.according to a formula. TheplansarefinancedbycontributionsandbytheThepensionbasepercentageforfinancialyear returnsontheplanassets.Theemployersand2019hasbeensetat100%ofthebasesalary. employeescontributionsarelimitedtoamaximumThepensionbasepercentageforfinancialyear percentageoftheparticipantssalaryassetbythe2020 has not yet been determined by the Board oflabor agreement.thepensionfund.Theannualactuarialvaluation,93'