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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 97GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(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:2022 2021Local equities %u2013 quoted 36% 32%Local bonds 31% 31%Foreign investments 23% 23%Real estate and mortgages 2% 2%Short term securities 8% 12%Principal actuarial assumptions at the reporting date:2022 2021Discount 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 2022 (14,266) 17,744 4,237 (3,768) 628 (509)At 31 December 2021 (13,984) 17,418 4,131 (3,661) 620 (504)The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.