CHU » Topics » 2.15 Employee Benefits

This excerpt taken from the CHU 20-F filed Jun 29, 2006.

2.15       Employee Benefits

(a)   Retirement benefits

The Group’s contributions to the defined contribution retirement scheme are expensed as incurred, and for the contributions to the supplementary defined contribution retirement scheme, they are reduced by contributions forfeited by those employees who leave the scheme prior to vesting fully in the contributions.

(b)   Housing benefits

The Group’s contributions to the housing fund, special monetary housing benefits and other housing benefits are expensed as incurred.

(c)   Share-based compensation cost

The Group operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. At each balance sheet date, the entity revises its estimates of the number of options that are expected to become exercisable. The Group recognizes the impact of the revision of original estimates, if any, in the statements of income, and a corresponding adjustment to equity over the remaining vesting period (Note 2.2).

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

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