ICICI Bank 2013 Annual Report Download - page 162
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F84
forming part of the Consolidated Accounts (Contd.)
schedules
` in million
Pension
Particulars Year ended
March 31, 2013
Year ended
March 31, 2012
Cost for the year
Service cost ........................................................................................................... 250.6 251.6
Interest cost .......................................................................................................... 793.7 707.8
Expected return on plan assets ........................................................................... (728.4) (652.9)
Actuarial (gain)/loss .............................................................................................. 1,915.4 2,278.2
Curtailments & settlements (gain)/loss ............................................................... 217.8 144.8
Effect of the limit in para 59(b) of AS 15 on ‘employee benefits’ ....................... ——
Net cost ................................................................................................................. 2,449.1 2,729.5
Actual Return on Plan Assets ............................................................................... 828.7 704.6
Expected employer’s contribution next year ...................................................... 670.0 150.0
Investment details of plan assets
Insurer Managed Funds1 ..................................................................................... 77.74% 78.93%
Government of India securities ............................................................................ 7.62% 8.59%
Corporate Bonds .................................................................................................. 9.31% 9.40%
Others ................................................................................................................... 5.33% 3.08%
Assumptions
Interest rate ........................................................................................................... 8.00% 8.35%
Salary escalation rate
On Basic Pay ......................................................................................................... 1.50% 1.50%
On Dearness Relief ............................................................................................... 7.00% 7.00%
Estimated rate of return on plan assets .............................................................. 8.00% 8.00%
1. Majority of the funds are invested in Government of India securities and corporate bonds.
Estimated rate of return on plan assets is based on our expectation of the average long-term rate of return on investments
of the Fund during the estimated term of the obligations.
Experience adjustment
` in million
Particulars
Year ended
March 31,
2013
Year ended
March 31,
2012
Year ended
March 31,
2011
Year ended
March 31,
2010
Year ended
March 31,
2009
Plan assets ......................................................................... 9,526.8 9,379.5 8,467.4 1,839.9 2,145.3
Defined benefit obligations ............................................... 10,392.5 9,602.7 8,842.9 1,748.7 1,932.2
Amount not recognised as an asset
(limit in para 59(b) of AS 15 on ‘employee benefits’) ...... —— — 7.7 51.2
Surplus/(deficit) ................................................................. (865.7) (223.2) (375.5) 83.5 161.9
Experience adjustment on plan assets ............................. 102.3 51.7 69.1 (130.7) 144.8
Experience adjustment on plan liabilities ......................... 1,525.2 2,692.3 689.7 196.9 6.6
Gratuity
The following tables set forth, for the periods indicated, movement of the present value of the defined benefit obligation,
fair value of plan assets and other details for gratuity benefits of the Group.
` in million
Gratuity
Particulars Year ended
March 31, 2013
Year ended
March 31, 2012
Defined benefit obligation liability
Opening obligations ............................................................................................ 6,257.9 5,943.4
Add: Adjustment for exchange fluctuation on opening obligation .................... 3.8 5.9
Adjusted opening obligations .............................................................................. 6,261.7 5,949.3
Service cost .......................................................................................................... 522.9 549.3
Interest cost ........................................................................................................... 519.1 497.4