50 The Group expects to pay Baht 99 million of long-term employee benefits during the next year (2022: Baht 51 million) (the Company only: Baht 93 million, 2022: Baht 51 million). As at 31 December 2023, the weighted average duration of the liabilities for long-term employee benefit is 11 - 20 years (2022: 11 years) (the Company only: 11 years, 2022: 11 years). Significant actuarial assumptions are summarised below. (Unit: percent per annum) Consolidated financial statements Separate financial statements 2023 2022 2023 2022 Discount rate 2.3 - 3.6 2.3 2.3 2.3 Salary increase rate 4.0 - 8.0 4.0 - 8.0 5.0 - 8.0 5.0 - 8.0 Turnover rate 0 - 22.9 0 - 7.0 0 - 2.0 0 - 2.0 The result of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2023 and 2022 are summarised below. (Unit: Million Baht) 2023 Consolidated financial statements Separate financial statements Increase 1% Decrease 1% Increase 1% Decrease 1% Discount rate (436) 505 (431) 498 Salary increase rate 397 (350) 391 (345) (Unit: Million Baht) 2022 Consolidated financial statements Separate financial statements Increase 1% Decrease 1% Increase 1% Decrease 1% Discount rate (413) 477 (408) 471 Salary increase rate 375 (331) 369 (326) On 14 December 2023, the Company has officially announced the incentive of year 2023 project. The objective of this project is to restructure manpower according to the business strategy. Currently, the Company is in the process of approving and considering the employee list under the project and expect the contract will effective starting as from February 2024. 343 56-1 ONE REPORT 2023 Notes to the Consolidate Financial Statements
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