HSRC Integrated Annual Report 2018/2019

116 / HSRC INTEGRATED ANNUAL REPORT 2018/19 PART E: ANNUAL FINANCIAL STATEMENTS 12.4 Particulars of the Liabilities The membership details of the members in active employment and who are entitled to a subsidy after retirement as at reporting date: Number of Members Average Past Service – Years 2019 2018 2019 2018 Male members (Age band: 50–54) 1 1 28.2 27.2 Total/weighted average 1 1 28.2 27.2 The average age of the member was 52 years as at 31 March 2019, compared to 51 years as at 31 March 2018. Average monthly employer contributions: 2019: R2 684.00 (2018: R2 441.00). Details of the continuation members (being members no longer employed by the HSRC) as at reporting date: Number of Members Average Premium Principal Member Per Month – R Average Weighted Age – Years 2019 2018 2019 2018 2019 2018 Total/weighted average 62 68 521 518 83.3 82.5 The table below summarises the profile of the continuation pensioners subsided by HSRC as at 31 March 2019: Age band: 50 – 54 0 Age band: 55 – 59 1 Age band: 60 – 64 0 Age band: 65 – 69 1 Age band: 70 – 74 3 Age band: 75 – 79 10 Age band: 80 – 84 19 Age band: 85 – 89 18 >90 10 12.5 Key Financial Assumptions 12.5.1 Summary Assumptions The economic assumptions for the 31 March 2019 valuation are shown in the table below, and compared to those used as at the previous valuation date: % per annum 2019 2018 Discount rate 8.73 8.06 Consumer Price Inflation 4.86 5.27 Healthcare cost inflation rate – in service employees 6.36 6.77 Net discount rate 2.23 1.21 NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2019 (Continued)