Integrated report 2021

19. Social Fund assets and liabilities


Social Fund and Other Special Funds

The Social Fund Act of March 4, 1994 states that a Social Fund is created by employers employing over 20 employees (calculated using full time equivalents). The Group’s entities create such a fund and make periodic contributions to it. The objective of the fund is to subsidize the social activity for employees of the Group, loans granted to its employees and other social expenses. Contributions to the Social Fund are recognised as an expense in the period in which they are incurred.

The assets and liabilities of the Social Fund are netted off in the financial statements.

As at December 31, 2021 As at December 31, 2020
Loans granted to employees 70 76
Cash and cash equivalents 54 55
Other assets 2
Fund liabilities (119) (120)
Contributions to the Social Fund in the period 187 198

In addition, as described in note 22, the Group creates provision for the post-employment benefits from the Social Fund.

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