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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 89GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)8. Employee benefits (continued)The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:2020 2019Local equities %u2013 quoted 29% 30%Local bonds 36% 38%Foreign investments 23% 23%Real estate and mortgages 2% 2%Short term securities 10% 7%2020 2019Discount rate at 31 December 5% 5%Future salary increases 3% 3%Future medical claims inflation 3% 3%Principal actuarial assumptions at the reporting date: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 2020 (14,293) 17,865 4,374 (3,868) 635 (514)At 31 December 2019 (14,085) 17,661 4,505 (3,982) 608 (493)