Page 48 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 26. Employee Benefit Obligations (Continued) Principal actuarial assumptions used in valuing post-employment benefits The principal actuarial assumptions used in valuing post-employment benefits were as follows: 2020 2019 % % Discount rate 6.5 7.0 Price Inflation 3.0 3.0 Health inflation rate 2.0 3.0 Medical cost trend rate 5.0 6.0 Post-employment mortality for are based on the American 1994 Group Annuitant Mortality (GAM94) table. 27. Related Party Transactions (a) Transactions with related parties - 2020 $’000 2019 $’000 Non-executive Council members: Meeting related fees and expenses 4,179 4,659 (b) Key management compensation – 2020 $’000 2019 $’000 Salaries and other short-term employee benefits 310,161 138,680 Allowances 82,968 42,995 Gratuity accrued 562 1,288 Payroll taxes – employer’s contributions 11,467 5,623 Pension 11,901 4,985 Projects - 7,323 Other 5,770 9,126 422,829 210,020 University of Technology, Jamaica 164
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