ICICI Bank 2011 Annual Report Download - page 160

F82
forming part of the Consolidated Accounts (Contd.)
9. Staff retirement benefits
Pension
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 pension benefits.
Particulars
Pension
Year ended
March 31, 2011
Year ended
March 31, 2010
oPening obligations ............................................................................................... 1,748.7 1,932.2
Service coSt ........................................................................................................... 170.8 51.8
intereSt coSt .......................................................................................................... 457.8 134.5
ActuAriAl (gAin)/loSS .............................................................................................. 607.0 (32.1)
liAbilitieS extinguiShed on Settlement ...................................................................... (460.0) (287.7)
Addition due to AmAlgAmAtion ................................................................................ 6,749.0 –
benefitS pAid .......................................................................................................... (160.4) (50.0)
obligations at the end of the Year ......................................................................... 8,842.9 1,748.7
oPening Plan assets, at fair value .......................................................................... 1,839.9 2,145.3
expected return on plAn ASSetS .............................................................................. 156.5 169.9
ActuAriAl gAin/(loSS) .............................................................................................. 69.1 (130.7)
ASSetS diStributed on Settlement ............................................................................ (511.1) (322.6)
contributionS ........................................................................................................ 6,094.6 28.0
Addition due to AmAlgAmAtion ................................................................................ 978.8 –
benefitS pAid .......................................................................................................... (160.4) (50.0)
closing Plan assets, at fair value ........................................................................... 8,467.4 1,839.9
fAir vAlue of plAn ASSetS At the end of the yeAr ...................................................... 8,467.4 1,839.9
preSent vAlue of the defined benefit obligAtionS At the end of the yeAr .................... 8,842.9 1,748.7
Amount not recognised as an asset
(limit in para 59(b) of AS 15 on ‘employee benefits’) ................................................... –7.7
asset/(liabilitY) ..................................................................................................... (375.5) 83.5
cost for the Year
Service coSt ........................................................................................................... 170.8 51.8
intereSt coSt .......................................................................................................... 457.8 134.5
expected return on plAn ASSetS .............................................................................. (156.5) (169.9)
ActuAriAl (gAin)/loSS .............................................................................................. 537.9 98.6
curtAilmentS & SettlementS (gAin)/loSS ................................................................. 51.1 34.9
effect of the limit in pArA 59(b) of AS 15 on ‘employee benefitS’ ............................. (7.7) (43.5)
net cost ................................................................................................................ 1,053.4 106.4
investMent details of Plan assets
mAjority of the plAn ASSetS Are inveSted in government SecuritieS And corporAte bondS.
assuMPtions
intereSt rAte .......................................................................................................... 8.10% 7.75%
SAlAry eScAlAtion rAte
on bASic pAy ......................................................................................................... 1.50% 7.00%
on deArneSS relief ................................................................................................ 7.00% 7.00%
eStimAted rAte of return on plAn ASSetS ................................................................. 8.00% 8.00%
Experience adjustment
Particulars
Year ended
March 31,
2011
Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
Year ended
March 31,
2007
Plan assets .................................................................... 8,467.4 1,839.9 2,145.3 1,490.1 988.5
Defined benefit obligations .......................................... 8,842.9 1,748.7 1,932.2 1,678.1 1,029.4
Amount not recognised as an asset
(limit in para 59(b) of AS 15 on ‘employee benefits’) .. –7.7 51.2 – –
Surplus/(deficit) ............................................................ (375.5) 83.5 161.9 (188.0) (40.9)
Experience adjustment on plan assets ........................ 69.1 (130.7) 144.8 (117.9) (110.1)
Experience adjustment on plan liabilities .................... 689.7 196.9 6.6 (121.9) 32.8
` in million
` in million
schedules