ICICI Bank 2010 Annual Report Download - page 108

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F28
Particulars Year ended
March 31, 2010 Year ended
March 31, 2009
Cost for the year
Service cost ......................................................................................................... 51.8 62.5
Interest cost ........................................................................................................ 134.5 146.6
Expected return on plan assets .......................................................................... (169.9) (117.4)
Actuarial (gain)/loss ............................................................................................. 98.6 340.0
Curtailments & settlements (gain)/loss ............................................................... 34.9 31.6
Effect of the limit in para 59(b) ........................................................................... (43.5) 51.2
Net cost .............................................................................................................. 106.4 514.5
Investment details of plan assets
Majority of the plan assets are invested in Government securities and corporate bonds.
Assumptions
Interest rate ......................................................................................................... 7.75% 6.85%
Salary escalation rate .......................................................................................... 7.00% 7.00%
Estimated rate of return on plan assets ............................................................. 8.00% 8.00%
Experience adjustment
Rupees in million
Particulars Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
Year ended
March 31,
2007
Plan assets ............................................................................. 1,839.9 2,145.3 1,490.1 988.5
Defined benefit obligations .................................................... 1,748.7 1,932.2 1,678.1 1,029.4
Amount not recognised as an asset (limit in para 59(b)) ....... 7.7 51.2 — —
Surplus/(deficit) ...................................................................... 83.5 161.9 (188.0) (40.9)
Experience adjustment on plan assets .................................. (130.7) 144.8 (117.9) (110.1)
Experience adjustment on plan liabilities .............................. 196.9 6.6 (121.9) 32.8
Gratuity
The following tables set forth, for the periods indicated, reconciliation of opening and closing balance of the present value
of the defined benefit obligation for gratuity benefits.
Rupees in million
Particulars Year ended
March 31, 2010 Year ended
March 31, 2009
Opening obligations .......................................................................................... 2,195.7 1,840.4
Add: Adjustment for exchange fluctuation on opening obligations .................. (4.8) 6.4
Add: Addition due to amalgamation/initial recognition of foreign branches ..... —0.9
Service cost ......................................................................................................... 276.9 321.6
Interest cost ........................................................................................................ 161.5 183.9
Actuarial (gain)/loss ............................................................................................. (144.9) 140.3
Transitional obligation/(asset) ............................................................................. ——
Liability assumed on acquisition/(settled on divestiture) ................................... (8.4) (28.8)
Benefits paid ....................................................................................................... (165.5) (269.0)
Obligations at end of year ................................................................................ 2,310.5 2,195.7
schedules
forming part of the Accounts (Contd.)