- 50 - Unit : Million Baht Separate financial statements Less than 1 year Between 1 - 5 years More than 5 years Total Retirement benefits 91 306 3,586 3,983 Other long-term benefits 13 81 111 205 Total 104 387 3,697 4,188 On June 1, 2020, the Company has officially announced the Increase in Organization Capability project resulting in the employment restructuring by terminating the employment and voluntary resignation for employees who are 40 years and above. The Company then set up the provisions for terminating the employee’s contract in amount of Baht 1,410 million which was recorded in other payables in amount of Baht 750 million and other non-current liabilities in amount of Baht 660 million in the consolidated and separate financial statements as at December 31, 2020. The Company had no obligations regarding the Thai Labor Protection Act for settling the employee benefit obligations. In this regard, the Company reversed the provisions for employee benefits in amount of Baht 396 million in the consolidated and separate financial statements as at December 31, 2020. As at December 31, 2021, the outstanding of other payables and other non-current liabilities in amount of Baht 343 million and Baht 313 million in the consolidated and separate financial statements, respectively. Provident fund contributions for their employees and recorded as expense in the statements of profit or loss for the years ended December 31, are as follows: Unit : Million Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Provident fund expenses 419 499 416 496 25. OTHER NON-CURRENT LIABILITIES Other non-current liabilities as at December 31, are as follows: Unit : Million Baht Consolidated financial statements Separate financial statements Note 2021 2020 2021 2020 Employment restructuring obligations 24 313 660 313 660 Others 29 27 - - Total other non-current liabilities 342 687 313 660 26. LEGAL RESERVE Under the Public Company Act of B.E. 2535, the Company is required to set aside a statutory reserve of at least 5% of its net profit after accumulated deficit is brought forward (if any) until the reserve reaches not less than 10% of the registered capital. The legal reserve is not available for distribution as dividends. The legal reserve has been fully provided to comply with the law since 2007. 352 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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