Annual Report 2023

4. Employees

4.1. Staff costs

 

 

2023

 

2022

Wages and salaries

 

28,273

 

20,532

Social security

 

4,788

 

3,490

Employee benefits

 

32,117

 

31,326

Other staff costs

 

10,107

 

5,412

Total

 

75,285

 

60,760

Other staff costs include labour accident insurance, social responsibility costs, training costs, and indemnities, among others.

The number of employees at the end of 2023 was 372 (2022 was 254). The average number of employees during the year was 341 (223 in 2022).

4.2. Employees benefits

Amounts of employee benefits in the balance sheet:

 

 

2023

 

2022

Retirement benefits – Defined benefit plan paid for by the Company

 

10,357

 

10,241

Seniority awards – Defined benefit plan

 

1,082

 

967

Total

 

11,439

 

11,208

Amounts recognised in the income statement in staff costs and remeasurements reflected in other comprehensive income:

 

 

Income statement

 

Other comprehensive income

 

 

2023

 

2022

 

2023

 

2022

Retirement benefits – Defined contribution plan

 

1,628

 

1,209

 

 

Retirement benefits – Defined benefit plan paid for by the Company

 

315

 

83

 

1,257

 

(178)

Seniority awards – Defined benefit plan

 

211

 

66

 

 

Post-employment compensation – Defined contribution plan

 

29,963

 

29,968

 

 

Total

 

32,117

 

31,326

 

1,257

 

(178)

The changes in each plan are detailed below:

 

 

Defined contribution plans for active employees

 

Defined benefit plans for
former employees

 

Other comprehensive income

 

 

2023

 

2022

 

2023

 

2022

 

2023

 

2022

Balance as at 1 January

 

 

 

10,241

 

11,683

 

967

 

979

Interest costs

 

 

 

315

 

83

 

34

 

8

Current service cost

 

31,591

 

31,177

 

 

 

115

 

123

Actuarial (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

Changes in financial assumptions

 

 

 

(301)

 

(1,032)

 

(33)

 

(192)

Changes in experience

 

 

 

1,558

 

854

 

95

 

127

Contributions or retirement pensions paid

 

(31,591)

 

(31,177)

 

(1,456)

 

(1,347)

 

(96)

 

(78)

Balance as at 31 December

 

 

 

10,357

 

10,241

 

1,082

 

967

Actuarial assumptions used in the calculation of the responsibilities for defined benefit plans and other long-term benefits:

 

 

2023

 

2022

Mortality table

 

TV 88/90

 

TV 88/90

Discount rate

 

3.80%

 

3.30%

Pension growth rate

 

4.00%

 

4.00%

Salaries growth rate

 

 

 

 

short term

 

4.00%

 

5.00%

long term

 

3.00%

 

3.00%

The mortality assumptions used are those most commonly adopted in Portugal and are based on actuarial advice in accordance with published statistics. The sensitivity analyses made to the assumptions is stated in note 2.4..

4.3. Expected future payments

The expected maturity for the next ten years for the liabilities associated with defined benefit plans is as follows:

 

 

1 year

 

1 to 5 years

 

5 to 10 years

Retirement benefits – Defined benefit plan paid for by the Company

 

1,359

 

4,226

 

2,997

Seniority awards – Defined benefit plan

 

69

 

363

 

651

Total

 

1,428

 

4,589

 

3,648

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