The movements under this heading in 2018 were as follows:
The provision of 4,156,663 euros recorded at 31 December 2018 corresponds to non-current and current provisions for the pensions payable to staff who have retired or taken early retirement, in line with the defined benefits model based on the pension regulations established by the General Council on 29 July 1981, the Government Decree on early retirement of 5 June 1996 and the internal Regulation approved by the Board of Directors on 12 March 2009.
The amounts are based on an actuarial assessment of the specific present and future commitments contracted on 31 December 2015. This assessment resulted in an additional allocation to the provision of 151,751 euros. The actuarial valuation is based on the PERMF2000 mortality and disability tables. The financial/actuarial valuation is performed using the Projected Unit Credit method based on generally accepted actuarial principles.
100% of the Company’s current permanent staff are signed up to the defined contributions model approved by the Board of Directors on 20 November 2014. The Company has outsourced the management of these funds with effect from 7 February 2017. In line with current regulations, from that date the Company has matched any contributions made by staff, up to a limit of 3% of their eligible salary.