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ANNUAL REPORT 2023 107GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2023(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)8. Employee benefitsThe Group operates pension plans with defined contribution, defined benefit or hybrid schemes for all eligible full-time employees of the Group. The Group also provides certain post-retirement medical benefits to employees. These Plans are governed by the deeds and rules of the specific plan and the employment laws relevant to the jurisdictions in which they operate.Contributions recognised in the Consolidated Statement of Comprehensive Loss with respect to defined contribution plans are as follows:2023 2022$ $Contribution expense 786 7962023 2022$ $Employee benefits asset 107,128 107,531Employee benefits obligation 5,451 5,737The level of pension benefits provided under the defined benefit plans depends on the member%u2019s length of service and salary at retirement age. The defined benefit pension plan requires contributions to be made to a separately administered fund. The Fund has a separate legal form and is governed by the Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets and for the definition of the investment strategy.The Board of Trustees periodically reviews the level of funding in the pension plan. Such a review includes the asset-liability matching strategy and investment risk management policy which considers the term of the pension obligation while simultaneously remaining compliant with the requirements of the Pension Act. The pension plans are exposed to inflation, interest rate risks and changes in the life expectancy for pensioners in the relevant jurisdictions. As the Plan assets include significant investments in quoted equity shares, the Group is also exposed to equity market risk.