140 Cyprus Energy Regulatory Authority 2021 2020 € € Salaries 1.114.557 909.024 Social security costs 173.907 135.289 Expenses related to defined benefits plan (Note 13) 158.957 360.991 1.447.421 1.405.304 12. Staff costs 13. Employee benefits The Authority provides retirement benefits in the form of lump sum amounts based on a fixed benefit retirement plan to its employees. The Authority's policy is to carry out every year an independent actuarial valuation of the liabilities with regard to the retirement benefit scheme. The most recent actuarial valuation was made as at 31 December 2021 and it was based on the following assumptions: 2021 2020 Discount rate 1,24% 0,68% Expected return on assets 1,24% 0,68% Inflation 1,50% 1,50% General salary increase 0,50% 0,50% Total salary increase 1,25% + 1,25% + for the general increase of salaries and increamental promotions for the general increase of salaries and increamental promotions Percentage increase in pensions 1% 1% Increase of pension insurable earnings 1,50% 1,50% Increase of basic insurable earnings 2% 2% Morality table 60% of ΡA90 for men and 65% of ΡA90 for women 60% of ΡA90 for men and 65% of ΡA90 for women During the year an amount of €158,957 (2020: €360,991) was charged to profit or loss based on the above actuarial valuation. Amounts charged to profit or loss are analysed as follows: 2021 2020 € € Current service costs 104.056 77.087 Interest on obligation 18.575 24.795 Pre-service cost 36.326 259.109 158.957 360.991
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