Page 274 - PWA_2023_Annual_Report

272 การประปาส่วนภูมิภาค รายงานประจำาปี 2566

5.24 Employee Benefit Obligations consisted of the following: (cont.)
Unit : Million Baht

Impacts to provisions on
employee benefits

2023 2022

Average discount rate
Increase 1 percent (268.42) (248.68)
Decrease 1 percent 318.43 294.93

The weighted average of the PWA employee benefit obligation is 18.45 years.

Gratuity Fund
PWA established the employee welfare fund as stated in Section 36 of Provincial
Waterworks Authority Act B.E. 2522 (1979) of the purpose of funding assistance to employees who retire

in accordance with the regulation of PWA’s Provident Fund Act B.E. 2523 (1980), determining that PWA
is required to make a contribution to the fund of 10 percent of employees’ salaries and wages.
PWA adjusted the estimation of future benefits for employees who worked with PWA
throughout working period until retirement based on actuarial basis by calculating discounted present
value at the rate of return on government bonds as an initial reference rate. Such provisions are calculated
on actuarial basis by means of the Projected Unit Credit Method.
As at 30 September 2023 and 2022, PWA has obligations to pay contributions to the
employee who is entitled to receive a pension according to the regulations of PWA’s Gratuity Fund
Act B.E. 2523 (1980), amounting to 47.24 million baht and 60.55 million baht, respectively. This transaction

is presented as the provisions in the long-term liabilities. In 2023, there were 4 members of the
Gratuity Fund for retirement amounting to 13.78 million baht, while there were 3 members in 2022
amounting to 11.53 million baht. These items were presented as accrued Gratuity Fund contributions
in the section of current liabilities of accrued expenses.
The details of assets, liabilities, and fund are as follows: