b'NOTE 15: EMPLOYEE BENEFITS20222021$000$000 CURRENT Annual leave18,20917,658 Long service leave8,61210,60526,82128,263NON-CURRENT Long service leave5,4404,0775,4404,077Accounting Policy Short-term employee benefits Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries and non-monetary benefits. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The Companys liabilities for long service leave are included in other long-term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees. The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur. The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place. Estimates The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.The following are considered when measuring the annual leave provision: Company policy that employees are required to use their annual leave in the year it is earned.Employees of the Company are paid under employment agreements that are current for up to 3 years with all pay increases agreed in advance and documented. Increases as noted above are processed on 1 July each year and leave provisions are adjusted accordingly with the resultant expense carried through to the profit and loss at that time. Page | 41'