Page 294 - TSMC 2019 Annual Report

Movements in the present value of the defined benefit obligation were as follows:
Years Ended December 31
Balance, beginning of year Current service cost Interest expense Remeasurement:
Actuarial loss (gain) arising from experience adjustments Actuarial gain arising from changes in demographic
assumptions
Actuarial loss arising from changes in financial assumptions
Benefits paid from plan assets Benefits paid directly by the Company
Balance, end of year
Movements in the fair value of the plan assets were as follows:
Balance, beginning of year Interest income Remeasurement:
Return on plan assets (excluding amounts included in net interest expense)
Contributions from employer Benefits paid from plan assets
$
2019
13,662,684 135,645 175,401
(438,009)
(233,239) 541,697 (344,131)
(15,958) 13,484,090
$
2018
12,774,593 137,758 207,804
334,630
-
597,820 (274,326) (115,595)
13,662,684
$
$
$
Years Ended December 31
2019
4,011,279 51,450
124,344
458,652 (344,131)
2018
3,923,889 63,696
71,288 226,732
(274,326) 4,011,279
December 31, December 31,
$
Balance, end of year
The fair value of the plan assets by major categories at the end of reporting period was as follows:
$
4,301,594
$
Cash
Equity instruments Debt instruments
2019
$ 713,204 $ 2,313,828
2018
756,126 2,148,040 1,107,113
4,011,279
1,274,562 $ 4,301,594
$
The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified actuaries. The principal assumptions of the actuarial valuation were as follows:
Discount rate
Future salary increase rate
December 31, 2019
0.90% 3.00%
December 31, 2018
1.30% 3.00%
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Measurement Date