ICICI Bank 2014 Annual Report Download - page 129

F41
Experience adjustment
` in million
Particulars
Year ended
March 31,
2014
Year ended
March 31,
2013
Year ended
March 31,
2012
Year ended
March 31,
2011
Year ended
March 31,
2010
Plan assets ..................................................................... 9,018.8 9,526.8 9,379.5 8,467.4 1,839.9
Defined benefit obligations ........................................... 10,209.9 10,392.5 9,602.7 8,842.9 1,748.7
Amount not recognized as an asset (limit in para
59(b) of AS-15 on ‘employee benefits’) ........................ —— — — 7.7
Surplus/(deficit) ............................................................. (1,191.1) (865.7) (223.2) (375.5) 83.5
Experience adjustment on plan assets ......................... (29.1) 102.3 51.7 69.1 (130.7)
Experience adjustment on plan liabilities ..................... 2,549.6 1,525.2 2,692.3 689.7 196.9
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. ` in million
Particulars Year ended
March 31, 2014
Year ended
March 31, 2013
Opening obligations ............................................................................................. 5,643.1 5,247.2
Add: Adjustment for exchange fluctuation on opening obligations ....................... 5.8 3.8
Adjusted opening obligations .............................................................................. 5,648.9 5,251.0
Service cost .......................................................................................................... 473.6 368.8
Interest cost .......................................................................................................... 453.6 428.1
Actuarial (gain)/loss ............................................................................................... (135.4) 267.2
Past service cost ................................................................................................... —0.6
Liability transferred from/to other companies ....................................................... (6.2) 4.1
Benefits paid ......................................................................................................... (616.0) (676.7)
Obligations at the end of the year ........................................................................ 5,818.5 5,643.1
Opening plan assets, at fair value ........................................................................ 5,530.5 5,027.4
Expected return on plan assets ............................................................................. 426.5 375.8
Actuarial gain/(loss) ............................................................................................... (29.5) 34.4
Contributions ........................................................................................................ 424.6 764.6
Asset transferred from/to other companies ........................................................... (6.2) 5.0
Benefits paid ......................................................................................................... (616.0) (676.7)
Closing plan assets, at fair value .......................................................................... 5,729.9 5,530.5
Fair value of plan assets at the end of the year ...................................................... 5,729.9 5,530.5
Present value of the defined benefit obligations at the end of the year ................. 5,818.5 5,643.1
Amount not recognised as an asset (limit in Para 59(b) of AS-15 on ‘employee benefits’) ——
Asset/(liability) ..................................................................................................... (88.6) (112.6)
Cost for the year
Service cost .......................................................................................................... 473.6 368.8
Interest cost .......................................................................................................... 453.6 428.1
Expected return on plan assets ............................................................................. (426.5) (375.8)
Actuarial (gain)/loss ............................................................................................... (105.9) 232.8
Past service cost ................................................................................................... —0.6
Exchange fluctuation loss/(gain) ............................................................................ 5.8 3.8
Losses/(Gains) on “Acquisition/Divestiture” ........................................................... ——
Effect of the limit in para 59(b) of AS15 on ‘employee benefits’ ............................ ——
Net cost ................................................................................................................ 400.6 658.3
Actual return on plan assets .................................................................................. 397.0 410.2
Expected employer’s contribution next year ......................................................... 504.7 403.9
Investment details of plan assets
Insurer Managed Funds ........................................................................................ 9.46% 9.95%
Government of India securities ............................................................................. 16.75% 28.07%
Corporate Bonds ................................................................................................... 30.33% 27.81%
Special Deposit schemes ...................................................................................... 5.08% 5.26%
Equity .................................................................................................................... 12.55% 12.89%
Others ................................................................................................................... 25.83% 16.02%
Assumptions
Discount rate ......................................................................................................... 9.00% 7.95%
Salary escalation rate ............................................................................................ 7.00% 7.00%
Estimated rate of return on plan assets ................................................................. 8.00% 8.00%
Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of the Fund during the
estimated term of the obligations.
forming part of the Accounts (Contd.)
schedules