ICICI Bank 2014 Annual Report Download - page 176
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F88
forming part of the Consolidated Accounts (Contd.)
schedules
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 .............................................................. 6,744.3 6,394.9 5,724.3 5,855.8 3,073.2
Defined benefit obligations .................................... (7,252.6) (6,887.3) (6,257.9) (5,943.4) (3,089.6)
Amount not recognised as an asset (limit in para
59(b) of AS 15 on ‘employee benefits’)
.................... (0.1) (0.5) — — (47.9)
Surplus/(deficit) ...................................................... (508.4) (492.9) (533.6) (87.7) (64.3)
Experience adjustment on plan assets .................. (8.4) 51.0 23.1 (90.5) 194.8
Experience adjustment on plan liabilities .............. 308.7 216.0 119.4 (72.8) (21.2)
The estimates of future salary increases, considered in actuarial valuation, take into consideration inflation, seniority,
promotion and other relevant factors.
Provident Fund (PF)
The Group has made a provision of ` 3.5 million towards interest rate guarantee on exempt provident fund on the basis
of actuarial valuation for the year ended March 31, 2014 (March 31, 2013: Nil).
` in million
Particulars Year ended
March 31, 2014
Year ended March
31, 2013
Opening obligations ............................................................................................ 16,136.8 14,285.9
Service cost .......................................................................................................... 1,126.5 931.3
Interest cost .......................................................................................................... 1,284.7 1,180.3
Actuarial (gain)/loss .............................................................................................. (9.9) 24.2
Employees contribution ....................................................................................... 1,923.9 1,626.0
Obligations transferred from/to other companies .............................................. 32.8 62.3
Benefits paid ......................................................................................................... (2,138.6) (1,973.2)
Obligations at end of the year ............................................................................ 18,356.2 16,136.8
Opening plan assets ............................................................................................ 16,136.8 14,267.4
Expected return on plan assets ........................................................................... 1,407.6 1,205.7
Actuarial gain/(loss) .............................................................................................. (136.3) 17.3
Employer contributions ........................................................................................ 1,126.5 931.3
Employees contributions ..................................................................................... 1,923.9 1,626.0
Assets transferred from/to other companies ...................................................... 32.8 62.3
Benefits paid ......................................................................................................... (2,138.6) (1,973.2)
Closing plan assets .............................................................................................. 18,352.7 16,136.8
Plan assets at the end of the year ........................................................................ 18,352.7 16,136.8
Present value of the defined benefit obligations at the end of the year ............ (18,356.2) (16,136.8)
Asset/(liability) .................................................................................................... (3.5) —
Cost for the year
Service cost .......................................................................................................... 1,126.5 931.3
Interest cost .......................................................................................................... 1,284.7 1,180.3
Expected return on plan assets ........................................................................... (1,407.6) (1,205.7)
Actuarial (gain)/loss .............................................................................................. 126.4 6.8
Net cost ................................................................................................................ 1,130.0 912.7
Actual return on plan assets ................................................................................ 1,271.3 1,223.1
Expected employer's contribution next year ...................................................... 1,201.6 1,097.4