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 Theretirementpensioncommencesuponreachingbenefit planstheretirementageof60.However,aretirementTheGrouphastwodefinedbenefitpensionplans age of 55 applies to employees in certain special (funded),onefortheemployeesandoneforthe categories.Theretirementpensionamountstodirectors.Theemployeepensionplanisafinal amaximumof70%ofthepensionbaseonthesalaryplanandrequirescontributionstobemade retirementdate.Thepensionaccrualrateis2%.toaseparatelyadministeredfund.Thedirectors Annually,thepensionsinpaymentanddeferredpensionplanisaninsuredplan.Inaddition,the pensionsareadjustedonthebasisofexcessGroupprovidescertainpost-employmentbenefits interest,whichisthedifferencebetweenthereturntoemployees(unfunded)suchashealthcare, on the pension assets and the actuarial interest of excedentgratuity,funeralgrants,pensiongratuity, 4%,whichisusedtodeterminethepresentvaluejubileeandadditionalholidayallowances. of the pension obligations of the fund.TheStaatsolie,SPCSandGOw2employeePensions pensionplansareadministeredbytheStichtingPensioenfondsvoorWerknemersvanStaatsolieEmployee pension planMaatschappijSurinameN.V.(PensionFundforEmployeesofStaatsolieMaatschappijSurinameTheemployeepensionplanprovidesentitlements N.V.),forwhichalltheirentitieshaveenteredintotoretirementanddisabilitypensionforthebenefit agreements with the fund. oftheparticipantandwidows,widowersandorphanspensionforthebenefitofthesurvivors. TheSPCSpensionplanwasestablishedinThepensionentitlementsareaccruedtime- January2019.TheSPCSemployeesjoinedproportionately.the pension plan as at that date and pension benefitswereawardedpastserviceduringtheirThepensionentitlementsaredeterminedaccording employmentwithSPCS.to a formula based on the pensionable salary and an employee accrual rate of 2% per annum.TheGOw2pensionplanwasestablishedinThelastpensionablesalaryalsoappliestopast January2020.TheGOw2employeesjoinedservice.Hence,increaseofpensionablesalary the pension plan as at that date and pension in future years will lead to an increase of accruedbenefitswereawardedpastserviceduringtheirpension entitlements. According to the formal termsemployment with GOw2.oftheplan,foreveryyearthepensionablesalary Theplansarefinancedbycontributionsandbytheis determined by the Board of the pension fundreturnsontheplanassets.Theemployersandaccording to a formula. employeescontributionsarelimitedtoamaximumThepensionbasepercentageforfinancialyear percentageoftheparticipantssalaryassetbythe2020hasbeensetat100%ofthebasesalary. labor agreement.Thepensionbasepercentageforfinancialyear2021hasnotyetbeendeterminedbytheBoardofthepensionfund.Theannualactuarialvaluation,taking into account the funding as at December 31,2020andthesalaryincreaseasatJanuary1,2020,hasledtotheconclusionthatapensionbasepercentageof100%ispossibleforfinancialyear2020.Therefore,itisassumedthatpensionablesalaryfor2020willbesetat100%ofthesalaryasatJanuary1,2020.109'