EMPLOYEE BENEFITS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Retirement Benefits [Abstract] |
|
| SCHEDULE OF FUNDED STATUS OF END-OF-SERVICE INDEMNITIES EMPLOYEES RECEIVE UNDER ONE OF FIVE BENEFIT STRUCTURES |
The
following tables set out the funded status of the end-of-service indemnities employees receive under one of the five benefit structures
the Company and its subsidiaries offer to its employees and the amounts recognized in the Company’s financial statements as of
December 31, 2025, and 2024 (in thousands):
SCHEDULE OF FUNDED STATUS OF END-OF-SERVICE INDEMNITIES EMPLOYEES RECEIVE UNDER ONE OF FIVE BENEFIT STRUCTURES
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Change in benefit obligations | |
| | | |
| | |
| Benefit obligations at the beginning of the year | |
$ | 38,723 | | |
$ | 33,661 | |
| Actuarial (gain) / loss | |
| 1,526 | | |
| 287 | |
| Service cost | |
| 5,659 | | |
| 5,274 | |
| Interest cost | |
| 2,224 | | |
| 1,784 | |
| Benefits paid | |
| (4,501 | ) | |
| (2,283 | ) |
| Benefit obligations at the end of the year | |
| 43,631 | | |
| 38,723 | |
| Current benefit obligation (within Other current liabilities) | |
| 7,310 | | |
| 6,917 | |
| Non-current benefit obligation | |
| 36,321 | | |
| 31,806 | |
| Benefit obligation at the end of the year | |
| 43,631 | | |
| 38,723 | |
| Change in plan assets | |
| | | |
| | |
| Fair value of plan assets at the beginning of the year | |
| - | | |
| - | |
| Employer contributions | |
| 4,501 | | |
| 2,283 | |
| Benefits paid | |
| (4,501 | ) | |
| (2,283 | ) |
| Plan assets at the end of the year | |
| - | | |
| - | |
| Unfunded status | |
$ | 43,631 | | |
$ | 38,723 | |
|
| SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST |
Net
cost for the years ended December 31, 2025, 2024, and 2023, comprises the following components (in thousands):
SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
Year ended | |
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| Service cost | |
$ | 5,659 | | |
$ | 5,274 | | |
$ | 4,979 | |
| Interest cost | |
| 2,224 | | |
| 1,784 | | |
| 1,522 | |
| Actuarial (gain)/loss | |
| 1,526 | | |
| 287 | | |
| 1,344 | |
| Other | |
| - | | |
| - | | |
| - | |
| Net cost | |
$ | 9,409 | | |
$ | 7,345 | | |
$ | 7,845 | |
|
| SCHEDULE OF ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATIONS AND NET PERIODIC BENEFIT COST |
The
weighted-average assumptions used to determine benefit obligations as of December 31, 2025, and 2024 are set out below:
SCHEDULE OF ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATIONS AND NET PERIODIC BENEFIT COST
| |
|
December
31,
2025 |
|
|
December
31,
2024 |
|
| Discount
rate |
|
|
5.0 |
% |
|
|
5.50 |
% |
| Rate
of increase in compensation levels: |
|
|
4.5-5 |
% |
|
|
4.5-5 |
% |
The
weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2025, and 2024, are set out
below:
| | |
December 31, 2025 | | |
December 31,
2024 | |
| Discount rate | |
| 5.50 | % | |
| 5.00 | % |
| Rate of increase in compensation levels: | |
| 4.5-5 | % | |
| 4.5-5 | % |
|
| SCHEDULE OF BENEFIT OBLIGATIONS CHANGE IN ASSUMPTION |
The
following illustrates the sensitivity to changes in discount rate, holding all other assumptions constant, for in the Company’s
benefit obligations (in thousands):
SCHEDULE OF BENEFIT OBLIGATIONS CHANGE IN ASSUMPTION
| Change in assumption: | |
Benefit obligation
at the end
of the year | |
| 100 basis point decrease in discount rate | |
$ | 2,620 | |
| 100 basis point increase in discount rate | |
$ | (2,336 | ) |
|
| SCHEDULE OF EXPECTED FUTURE BENEFIT PAYMENTS |
The
following reflect expected future benefit payments (in thousands):
SCHEDULE OF EXPECTED FUTURE BENEFIT PAYMENTS
| | |
Year ended | |
| | |
December 31, 2025 | |
| 2026 | |
$ | 8,027 | |
| 2027 | |
$ | 7,016 | |
| 2028 | |
$ | 6,896 | |
| 2029 | |
$ | 6,944 | |
| 2030 | |
$ | 6,727 | |
| 2031 through 2035 | |
$ | 30,878 | |
|