CFM INDOSUEZ Wealth Management - 2020 Annual Report

127 NOTE 7: EMPLOYEE BENEFITS AND OTHER COMPENSATION 7.1 PERSONNEL EXPENSES (in thousands of euros) 31/12/2020 31/12/2019 Wages and benefits 40,165 42,115 Contribution to pension schemes (defined contribution plans) 6,348 5,993 Contribution to pension schemes (defined benefit plans) 0 Other social security charges 6,786 7,898 Profit-sharing and incentive schemes 424 1,179 Taxes on remuneration 57 34 Total personnel expenses 53,780 57,219 7.2 AVERAGE AND YEAR-END HEADCOUNT Average headcount in 2020 Headcount at end of period 31/12/2020 Headcount at end of period 31/12/2019 Monaco 379 382 387 Abroad 7 7 7 Total 386 389 394 7.3 RETIREMENT BENEFITS – DEFINED CONTRIBUTION PLANS 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 RETIREMENT BENEFITS – DEFINED BENEFIT PLANS (in thousands of euros) 31/12/2020 31/12/2019 All areas All areas Actuarial debt at 31/12 in year N-1 4,004 3,402 Foreign exchange adjustments 0 Cost of services rendered over the fiscal year 259 202 Financial cost 44 48 Employee contributions 0 Other significant events 0 Scope changes 0 Benefits paid by the employer -60 -69 Taxes, administrative costs and premiums 0 Actuarial gains/losses - related to assumptions -161 421 Actuarial debt at 31/12 in year N 4,086 4,004 Defined benefit plans: key actuarial assumptions (in thousands of euros) 31/12/2020 31/12/2019 Discount rate 0.98% 1.42% 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%