ICICI Bank 2014 Annual Report Download - page 175

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F87
forming part of the Consolidated Accounts (Contd.)
schedules
` in million
Particulars Year ended
March 31, 2014
Year ended
March 31, 2013
Actuarial (gain)/loss .............................................................................................. (93.5) 362.1
Past service cost ................................................................................................... —0.6
Obligations transferred from/to other companies .............................................. (2.0) 10.5
Benefits paid ......................................................................................................... (751.3) (789.6)
Obligations at the end of year ............................................................................ 7,252.6 6,887.3
Opening plan assets, at fair value ...................................................................... 6,394.9 5,724.3
Expected return on plan assets ........................................................................... 493.3 427.6
Actuarial gain/(loss) .............................................................................................. (8.4) 51.0
Contributions ........................................................................................................ 617.8 970.1
Assets transferred from/to other companies ...................................................... (2.0) 11.5
Benefits paid ......................................................................................................... (751.3) (789.6)
Closing plan assets, at fair value ........................................................................ 6,744.3 6,394.9
Fair value of plan assets at the end of the year .................................................. 6,744.3 6,394.9
Present value of the defined benefit obligations at the end of the year ............ (7,252.6) (6,887.3)
Unrecognised past service cost ........................................................................... ——
Amount not recognised as an asset (limit in para 59(b) of AS 15 on
‘employee benefits’) ............................................................................................. (0.1) (0.5)
Asset/(liability) ..................................................................................................... (508.4) (492.9)
Cost for the year ..................................................................................................
Service cost .......................................................................................................... 649.0 522.9
Interest cost .......................................................................................................... 557.3 519.1
Expected return on plan assets ........................................................................... (493.3) (427.6)
Actuarial (gain)/loss .............................................................................................. (85.1) 311.1
Past service cost ................................................................................................... —11.4
Losses/(gains) on "Acquisition/Divestiture" ......................................................... ——
Exchange fluctuation loss/(gain) .......................................................................... 5.8 3.8
Effect of the limit in para 59(b) of AS 15 on ‘employee benefits’ ....................... (0.5) (0.7)
Net cost ................................................................................................................ 633.2 940.0
Actual return on plan assets ................................................................................ 484.5 478.6
Expected employer’s contribution next year ...................................................... 732.7 666.9
Investment details of plan assets .......................................................................
Insurer managed funds ........................................................................................ 23.07% 22.06%
Government of India securities ............................................................................ 14.23% 24.28%
Corporate Bonds .................................................................................................. 25.77% 24.05%
Special Deposit schemes ..................................................................................... 4.32% 4.55%
Equity .................................................................................................................... 10.66% 11.15%
Others ................................................................................................................... 21.95% 13.91%
Assumptions
Interest rate ........................................................................................................... 8.70%-9.33% 7.80%-8.23%
Salary escalation rate ........................................................................................... 5.00%-10.00% 5.00%-10.00%
Estimated rate of return on plan assets .............................................................. 7.50%-8.00% 7.50%-8.00%
Estimated rate of return on plan assets is based on the expectation of the average long-term rate of return on investments
of the Fund during the estimated term of the obligations.