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Annual Report 2015-2016174
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
` in million
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
Contributions 4,050.8 1,936.1
Benets paid (134.7) (164.9)
Closing plan assets, at fair value 13,191.6 10,103.4
Fair value of plan assets at the end of the year 13,191.6 10,103.4
Present value of the dened benet obligations at the end of the year 14,191.6 12,999.9
Amount not recognised as an asset (limit in Para 59(b)of AS-15 on ‘employee benets’) – –
Asset/(liability) (1,000.0) (2,896.5)
Cost for the Year1
Service cost 251.0 217.8
Interest cost 1,034.7 943.5
Expected return on plan assets (902.9) (743.3)
Actuarial (gain)/loss 1,598.8 3,070.0
Curtailments & settlements (gain)/loss 172.7 153.5
Effect of the limit in para 59(b) of AS-15 on ‘employee benets’ ––
Net cost 2,154.3 3,641.5
Actual return on plan assets 898.8 848.0
Expected employer’s contribution next year 3,000.0 3,000.0
Investment details of plan assets
Insurer managed funds21.04% 84.51%
Government of India securities 48.64% 7.12%
Corporate bonds 43.23% 8.12%
Equity securities in listed companies 2.48% –
Others 4.61% 0.25%
Assumptions
Discount rate 7.95% 8.00%
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. Included in line item payments to and provision for employees of Schedule-16 Operating expenses.
2. During the year ended March 31, 2015, majority of the funds were invested in Government of India securities and corporate
bonds.
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.
Experience adjustment
` in million
Particulars
Year ended
March 31,
2016
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
Year ended
March 31,
2012
Plan assets 13,191.6 10,103.4 9,018.8 9,526.8 9,379.5
Dened benet obligations 14,191.6 12,999.9 10,209.9 10,392.5 9,602.7
Amount not recognised as an asset
(limit in para 59(b) of AS-15 on ‘employee benets’) –––––
Surplus/(decit) (1,000.0) (2,896.5) (1,191.1) (865.7) (223.2)
Experience adjustment on plan assets (4.1) 104.7 (29.1) 102.3 51.7
Experience adjustment on plan liabilities 1,503.4 1,271.2 2,549.6 1,525.2 2,692.3