ICICI Bank 2015 Annual Report Download - page 167
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165Annual Report 2014-2015
forming part of the Accounts (Contd.)
Schedules
Financial Statements of ICICI Bank Limited
` in million
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
Fair value of plan assets at the end of the year 6,570.7 5,729.9
Present value of the defined benefit obligations at the end of the year 6,754.6 5,818.5
Amount not recognised as an asset (limit in Para 59(b) of
AS-15 on ‘employee benefits’)
––
Asset/(liability) (183.9) (88.6)
Cost for the year1
Service cost 529.8 473.6
Interest cost 529.9 453.6
Expected return on plan assets (443.5) (426.5)
Actuarial (gain)/loss (74.8) (105.9)
Past service cost ––
Exchange fluctuation loss/(gain) 3.1 5.8
Effect of the limit in para 59(b) of AS15 on ‘employee benefits’ ––
Net cost 544.5 400.6
Actual return on plan assets 1,032.6 397.0
Expected employer’s contribution next year 510.2 504.7
Investment details of plan assets
Insurer managed funds 8.68% 9.46%
Government of India securities 40.29% 16.75%
Corporate bonds 18.37% 30.33%
Special deposit schemes 4.43% 5.08%
Equity 12.81% 12.55%
Others 15.42% 25.83%
Assumptions
Discount rate 7.90% 9.00%
Salary escalation rate 7.00% 7.00%
Estimated rate of return on plan assets 8.00% 8.00%
1. Included in line item payments to and provision for employees of schedule-16 Operating expenses.
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.
Experience adjustment
` in million
Particulars
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
Year ended
March 31,
2012
Year ended
March 31,
2011
Plan assets 6,570.7 5,729.9 5,530.5 5,027.4 5,182.4
Defined benefit obligations 6,754.6 5,818.5 5,643.1 5,247.2 5,082.7
Amount not recognised as an asset (limit in para 59(b) of
AS-15 on ‘employee benefits’)
– – – – –
Surplus/(deficit) (183.9) (88.6) (112.6) (219.8) 99.7
Experience adjustment on plan assets 589.1 (29.5) 34.4 20.1 (63.2)
Experience adjustment on plan liabilities 41.9 217.6 153.6 44.1 79.0
The estimates of future salary increases, considered in actuarial valuation, take into consideration inflation, seniority,
promotion and other relevant factors.