ICICI Bank 2003 Annual Report Download - page 150
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F86
managed by a Board of Trustees. The Company is responsible for settling the gratuity obligation through contributions
to the fund. The plan is fully funded.
In respect of the remaining entities within the group, the gratuity benefit is provided through annual contributions
to a fund administered and managed by the LIC. Under this scheme, the settlement obligation remains with the
Company, although the LIC administers the scheme and determines the contribution premium required to be paid
by the Company.
The following table sets forth the funded status of the plans and the amounts recognized in the financial statements:
(Rs. in millions)
As of March 31,
2002 2003
Change in benefit obligations
Projected benefit obligations at beginning of the year 207 263
Divestitures
Obligations assumed on acquisition —393
Service cost 29 69
Interest cost 25 64
Expected benefits payments (14) (18)
Unrecognized prior service cost —59
Actuarial (gain)/loss on obligations 17 63
Projected benefit obligations at the end of the year 264 893
Change in plan assets
Fair value of plan assets at beginning of the year 213 248
Fair value of plan assets acquired on acquisition —402
Expected return on plan assets 26 70
Employer contributions 29 163
Actual benefits paid (16) (32)
Actuarial (gain)/loss (5) 22
Plan assets at the end of the year 247 873
Funded status (17) (20)
Unrecognized actuarial loss 86 136
Unrecognized transitional obligation (19) (17)
Unrecognized prior service cost 9—
Net prepaid gratuity cost 59 99
The components of the net gratuity cost are set out below:
(Rs. in millions)
Year ended March 31,
2001 2002 2003
Service cost 12 29 69
Interest cost 16 25 64
Expected return on assets (16) (29) (70)
Amortization of transition asset/liability (1) (1) 1
Amortization of prior service cost 111
Actuarial (gain)/loss —22
Net gratuity cost 12 27 67
Continued
notes to the consolidated financial statements