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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)8.%u0009 Employee benefits (continued)The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:2019 2018Local equities %u2013 quoted 29% 31%Local bonds 38% 39%Foreign investments 23% 23%Real estate and mortgages 2% 2%Short term securities 7% 5%Principal actuarial assumptions at the reporting date:2019 2018Discount rate at 31 December 5% 5%Future salary increases 3% 3%Future medical claims inflation 3% 3%Shown below is a quantitative sensitivity analysis for the impact of significant assumptions on the defined benefit obligation:Assumptions Discount rateFuture salary increasesFuture medical claims inflationSensitivity level1% increase1% decrease1% increase1% decrease1% increase1% decreaseAt 31 December 2019 (14,085) 17,661 4,505 (3,982) 608 (493)At 31 December 2018 (13,963) 17,566 4,598 (4,057) 606 (491)94 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019