Actuarial gains and losses on post-employment benefits break down as follows:
| (in millions of euros) | 2019 | 2018 |
|---|---|---|
| Experience adjustments | Experience adjustments 2019 (95) | Experience adjustments 2018 (90) |
| Changes in demographic assumptions | Changes in demographic assumptions 2019 (1) | Changes in demographic assumptions 2018 462 |
| Changes in financial assumptions* | Changes in financial assumptions *2019 (4,260) | Changes in financial assumptions *2018 2,968 |
| ACTUARIAL GAINS AND LOSSES ON OBLIGATIONS | ACTUARIAL GAINS AND LOSSES ON OBLIGATIONS 2019 (4,356) | ACTUARIAL GAINS AND LOSSES ON OBLIGATIONS 2018 3,340 |
| Including: | ||
| Actuarial gains and losses on post-employment benefits | Actuarial gains and losses on post-employment benefits 2019 (4,151) | Actuarial gains and losses on post-employment benefits 2018 3,323 |
| Actuarial gains and losses on other long-term benefits | Actuarial gains and losses on other long-term benefits 2019 (205) | Actuarial gains and losses on other long-term benefits 2018 17 |
*Financial assumptions mainly concern the discount rate, inflation rate and wage increase rate.
The actuarial gains and losses on obligations generated over 2019 amount to €(4,356) million, and are mainly associated with changes in the discount rate, the inflation rate, the proposed law on social security system funding for 2020 and the updating of the wage law (see note 34.2.7).
The actuarial gains and losses on obligations generated over 2018 amount to €3,340 million and are mainly associated with changes in the discount rate, the wage increase rate and the updating of the mortality table.
At 31 December 2019
| (in millions of euros) | Obligations | Fund assets | Provisions in the balance sheet |
|---|---|---|---|
| Provisions for post-employment benefits at 31/12/2019 | Provisions for post-employment benefits at 31/12/2019 Obligations 31,776 | Provisions for post-employment benefits at 31/12/2019 Fund assets (12,581) | Provisions for post-employment benefits at 31/12/2019 Provisions in the balance sheet 19,195 |
| Comprising: | |||
| Pensions | Pensions Obligations 24,463 | Pensions Fund assets (11,778) | Pensions Provisions in the balance sheet 12,685 |
| Benefits in kind (electricity/gas) | Benefits in kind (electricity/gas) Obligations 4,876 | Benefits in kind (electricity/gas) Fund assets - | Benefits in kind (electricity/gas) Provisions in the balance sheet 4,876 |
| Retirement gratuities | Retirement gratuities Obligations 898 | Retirement gratuities Fund assets (787) | Retirement gratuities Provisions in the balance sheet 111 |
| Other | Other Obligations 1,539 | Other Fund assets (16) | Other Provisions in the balance sheet 1,523 |
| Provisions for other long-term employee benefits at 31/12/2019 | Provisions for other long-term employee benefits at 31/12/2019 Obligations 1,534 | Provisions for other long-term employee benefits at 31/12/2019 Fund assets - | Provisions for other long-term employee benefits at 31/12/2019 Provisions in the balance sheet 1,534 |
| Comprising: | |||
| Annuities following work-related accident and illness, and invalidity | Annuities following work-related accident and illness, and invalidity Obligations 1,290 | Annuities following work-related accident and illness, and invalidity Fund assets - | Annuities following work-related accident and illness, and invalidity Provisions in the balance sheet 1,290 |
| Long service awards | Long service awards Obligations 214 | Long service awards Fund assets - | Long service awards Provisions in the balance sheet 214 |
| Other | Other Obligations 30 | Other Fund assets - | Other Provisions in the balance sheet 30 |
| PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Obligations 33,310 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Fund assets (12,581) | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Provisions in the balance sheet 20,729 |
| (in millions of euros) | Obligations | Fund assets | Provisions in the balance sheet |
|---|---|---|---|
| Provisions for post-employment benefits at 31/12/2018 | Provisions for post-employment benefits at 31/12/2018 Obligations 27,798 | Provisions for post-employment benefits at 31/12/2018 Fund assets (11,165) | Provisions for post-employment benefits at 31/12/2018 Provisions in the balance sheet 16,633 |
| Comprising: | |||
| Pensions | Pensions Obligations 21,514 | Pensions Fund assets (10,416) | Pensions Provisions in the balance sheet 11,098 |
| Benefits in kind (electricity/gas) | Benefits in kind (electricity/gas) Obligations 4,233 | Benefits in kind (electricity/gas) Fund assets - | Benefits in kind (electricity/gas) Provisions in the balance sheet 4,233 |
| Retirement gratuities | Retirement gratuities Obligations 822 | Retirement gratuities Fund assets (734) | Retirement gratuities Provisions in the balance sheet 88 |
| Other | Other Obligations 1,229 | Other Fund assets (15) | Other Provisions in the balance sheet 1,214 |
| Provisions for other long-term employee benefits at 31/12/2018 | Provisions for other long-term employee benefits at 31/12/2018 Obligations 1,403 | Provisions for other long-term employee benefits at 31/12/2018 Fund assets - | Provisions for other long-term employee benefits at 31/12/2018 Provisions in the balance sheet 1,403 |
| Comprising: | |||
| Annuities following work-related accident and illness, and invalidity | Annuities following work-related accident and illness, and invalidity Obligations 1,177 | Annuities following work-related accident and illness, and invalidity Fund assets - | Annuities following work-related accident and illness, and invalidity Provisions in the balance sheet 1,177 |
| Long service awards | Long service awards Obligations 197 | Long service awards Fund assets - | Long service awards Provisions in the balance sheet 197 |
| Other | Other Obligations 29 | Other Fund assets - | Other Provisions in the balance sheet 29 |
| PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2018 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2018 Obligations 29,201 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2018 Fund assets (11,165) | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2018 Provisions in the balance sheet 18,036 |
