The following tables contain detailed information regarding PEMEX’s retirement and post-employment benefits:
December 31, | ||||||||
Changes in the liability for defined benefits |
2017 | 2016 | ||||||
Liability for defined benefits at the beginning of the year |
Ps. 1,202,624,665 | Ps. 1,258,480,019 | ||||||
Recognition of the modifications in pensions plan |
8,327 | (571,713 | ) | |||||
Current Service cost |
13,079,341 | 23,111,918 | ||||||
Net interest |
95,402,917 | 90,527,624 | ||||||
Past service costs |
— | (33,244 | ) | |||||
Defined benefits paid by the fund |
(5,105,669 | ) | (4,892,767 | ) | ||||
Actuarial (gains) losses in other comprehensive results due to: |
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Change in financial assumptions |
47,182,448 | (149,533,263 | ) | |||||
Change in demographic assumptions |
(70,012,604 | ) | 4,842,109 | |||||
For experience during the year |
10,272,231 | 36,103,857 | ||||||
In plan assets during the year |
(453,206 | ) | 285,123 | |||||
Remeasurements |
26,417 | (1,742 | ) | |||||
Contributions paid to the fund |
(51,952,560 | ) | (55,693,256 | ) | ||||
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Defined benefit liabilities at end of year |
Ps. 1,241,072,307 | Ps. 1,202,624,665 | ||||||
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In 2017 and 2016, the net actuarial gains recognized in other comprehensive income (loss) net of income deferred tax were Ps. (12,038,710) and Ps. (106,387,640), respectively, related to retirement and post-employment benefits, not including the normal year to year increase in obligations based on changes in population, age, seniority, wages, pensions and benefits. The decrease in losses in 2017 was mainly due to the decrease in the discount and return on plan assets rates, from 8.17% in 2016 to 7.89% in 2017.
December 31, | ||||||||
Changes in pension plan assets |
2017 | 2016 | ||||||
Plan assets at the beginning of year |
Ps. | 9,489,666 | Ps. | 5,228,909 | ||||
Return on plan assets |
902,550 | 742,477 | ||||||
Payments by the pension fund |
(54,312,270 | ) | (51,889,821 | ) | ||||
Company contributions to the fund(1) |
51,952,559 | 55,693,256 | ||||||
Actuarial (gains) losses in plan assets |
453,187 | (285,155 | ) | |||||
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Pension plan assets at the end of year |
Ps. | 8,485,692 | Ps. | 9,489,666 | ||||
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(1) | Includes proceeds from the collected amounts of the Promissory Notes, contributed by the Mexican Government (See Note 14). |