Note 13: Employee entitlements
| Actual 2014/15 | Actual 2013/14 | |
|---|---|---|
| $000 | $000 | |
| Current portion | ||
| Salary and other accruals | 998 | 1,494 |
| Annual leave | 2,470 | 2,217 |
| Long service leave | 62 | 66 |
| Time off in lieu of overtime worked | 180 | 86 |
| Retiring leave | 169 | 134 |
| Sick leave | 88 | 98 |
| Total current portion | 3,967 | 4,095 |
| Non-current portion | ||
| Long service leave | - | - |
| Retiring leave | 536 | 549 |
| Total non-current portion | 536 | 549 |
| Total employee entitlements | 4,503 | 4,644 |
The measurement of the retirement and long service leave obligations depend on a number of factors that are determined on an actuarial basis using a number of assumptions. Two key assumptions used in calculating this liability include the discount rate and the salary inflation factor. Any changes in these assumptions will affect the carrying amount of the liability.
The discount rate is based on NZ Government bond data at 30 June 2015. The salary inflation factor has been determined after considering historical salary inflation patterns and after obtaining advice from an independent actuary.
If the discount rate were to differ by 1% from the Office's estimates, with all other factors held constant, the carrying amount of the liability would be an estimated $36,485 higher/lower.
If the salary inflation factor were to differ by 1% from the Office's estimates, with all other factors held constant, the carrying amount of the liability would be an estimated $49,439 higher/lower.