b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (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-employmentand interest,whichisthedifferencebetweenthereturnotherlong-termbenefitstoemployees(unfunded) on the pension assets and the actuarial interest of suchashealthcare,excedentgratuity,funeral 4%,whichisusedtodeterminethepresentvaluegrants,pensiongratuity,jubileeandadditional ofthepensionobligationsofthefund.holiday allowances.TheStaatsolie,SPCSandGOw2employeepensionplansareadministeredbytheStichtingPensions PensioenfondsvoorWerknemersvanStaatsolieMaatschappijSurinameN.V.(PensionFundforEmployee pension planEmployeesofStaatsolieMaatschappijSurinameN.V.),forwhichalltheirentitieshaveenteredintoTheemployeepensionplanprovidesentitlements agreements with the fund. toretirementanddisabilitypensionforthebenefitoftheparticipantandwidows,widowersand TheSPCSpensionplanwasestablishedinorphanspensionforthebenefitofthesurvivors. January2019.TheSPCSemployeesjoinedThepensionentitlementsareaccruedtime- the pension plan as at that date and pension proportionately.benefitswereawardedpastserviceduringtheiremploymentwithSPCS.Thepensionentitlementsaredeterminedaccordingtoaformulabasedonthepensionablesalary TheGOw2pensionplanwasestablishedinand an employee accrual rate of 2% per annum.January2020.TheGOw2employeesjoinedThelastpensionablesalaryalsoappliestopast the pension plan as at that date and pension service.Hence,increaseofpensionablesalary benefitswereawardedpastserviceduringtheirin future years will lead to an increase of accruedemployment with GOw2.pension entitlements. According to the formal termsTheplansarefinancedbycontributionsandbytheoftheplan,foreveryyearthepensionablesalary returnsontheplanassets.TheemployersandisdeterminedbytheBoardofthepensionfund employeescontributionsarelimitedtoamaximumaccording to a formula. percentageoftheparticipantssalaryassetbytheThepensionbasepercentagetocalculatethe laboragreement.pensionrightsoftheparticipantsforfinancialyear2021hasbeensetascalculatedbytheactuaryat100%oftheannualsalary.Thepensionbasepercentageforfinancialyear2022hasnotyetbeendeterminedbytheBoardofthepensionfund.Theannualactuarialvaluation,takingintoaccountthefundingasatDecember31,2021andthesalaryincreaseasatJanuary1,2021,hasledtotheconclusionthatapensionbasepercentageof100%ispossibleforfinancialyear2021.Therefore,itisassumedthatpensionbasepercentagefor2021willbesetat100%oftheannualsalaryasatJanuary1,2021.133'