The Provision for employee severance indemnities only refers to Italian companies and decreased overall by 51 million euros due to drawdowns in the year for termination benefits paid and advance payments. “Increases/Present value” showed a nil balance from the net effect of the following factors:
| Year ended December 31, | ||||||||||||
| 2017 | 2016 | 2015 | ||||||||||
| (millions of euros) | ||||||||||||
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(Positive)/negative effect of curtailment |
(6 | ) | ||||||||||
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Current service cost (*) |
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Finance expenses |
14 | 16 | 22 | |||||||||
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Net actuarial (gains) losses for the year |
(8 | ) | 33 | (16 | ) | |||||||
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Total |
— | 49 | 6 | |||||||||
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Effective return on plan assets |
there are no assets servicing the plan | |||||||||||
| (*) | Following the social security reform in 2007, the portions intended for the INPS Treasury Fund or for the supplementary pension funds have been recorded under “Employee benefits expenses”, in “Social security expenses”, and not as “Employee severance indemnities expenses”. The latter account will still be used only for the accruals of companies with less than 50 employees, amounting to 0.3 million euros in 2017 (essentially unchanged compared to 2016 and 2015). |