The following information relates to the pension plan of Brown company. Defined benefit obligation, January 1, 2020 - P 4,000,000 Fair value of plan assets, January 1, 2020 - 3,600,000 The following information is for the year 2021: Contributions to the plan - P1,000,000 Benefits paid - 500,000 Discount rate - 10% Service cost for year 2021 - 1,200,000 Actual return on plan assets - 400,000 Actuarial loss on defined benefit obligation - 150,000   How much is the retirement benefit expense for the year 2021?

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.