CFM INDOSUEZ Wealth Management - 2019 annual report

123 Annual Financial Statements 2019 N o t e 7 : Em p l o y e e b e n e f i t s a n d o t h e r c o m p e n s a t i o n 7. 1 p e r s o n n e l e x p e n s e s (in thousands of euros) 31/12/2019 31/12/2018 Wages and benefits 42,115 42,202 Contribution to pension schemes (defined contribution plans) 5,993 5,842 Contribution to pension schemes (defined benefit plans) Other social security charges 7,898 7,744 Profit-sharing and incentive schemes 1,179 766 Taxes on remuneration 34 23 Total personnel expenses 57,219 56,577 7. 2 a v e r a g e a n d y e a r - e n d h e a d c o u n t (in thousands of euros) Average headcount at 31/12/2019 Headcount at end of period 31/12/2019 Headcount at end of period 31/12/2018 Monaco 384 387 383 Abroad 7 7 4 Total 391 394 387 7. 3 r e t i r e m e n t b e n e f i t s – d e f i n e d c o n t r i b u t i o n p l a n s Companies with employees contribute to various mandatory pension schemes. The funds are managed by independent organisations and the contributing companies have no legal or implied obligation to pay additional contributions if the funds do not have enough assets to cover all the benefits corresponding to the services rendered by the staff during the fiscal year and prior fiscal years. As a result, CFM Indosuez Wealth Group entities have no liability in this regard other than the contributions payable. 7. 4 r e t i r e m e n t b e n e f i t s – d e f i n e d b e n e f i t p l a n s 31/12/2019 31/12/2018 (in thousands of euros) All areas All areas Actuarial debt at 31/12 in year N-1 3,402 3,443 Foreign exchange adjustments Cost of services rendered over the fiscal year 202 239 Financial cost 48 47 Employee contributions Other significant events Scope changes Benefits paid by the employer -69 -99 Taxes, administrative costs and premiums Actuarial gains/losses - related to assumptions 421 -228 Actuarial debt at 31/12 in year N 4,004 3,402 Defined benefit plans: key actuarial assumptions (in thousands of euros) 31/12/2019 31/12/2018 Discount rate 1.42% 1.31% Effective rate of return on plan assets and reimbursement rights 0.00% 0.00% Expected salary increase rate 3.00% 3.00% Inflation rate 1.75% 1.75%