An entity has 10,000 employees. Each employee is entitled to 20 days of paid holiday per calendar year. Up to five days of this entitlement may be carried forward and taken in the following year but cannot be carried forward any further. Employees are not paid for any holidays which they fail to take. 

As at 31 December 2009, 9,130 employees had used in full their holiday entitlement for 2009. The remaining employees are carrying forward an average of three days per employee. Based on past experience, it is expected that these employees will each use an average of two of these three days before the end of 2010.

Each day of paid holiday costs the entity on average EUR 300. 

Calculate the liability which should be stated in the entity’s balance sheet as at 31 December 2009 with regard to paid holiday entitlement.