ICICI Bank 2016 Annual Report Download - page 177
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Annual Report 2015-2016 175
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
Gratuity
The following tables set forth, for the periods indicated, movement of the present value of the dened benet
obligation, fair value of plan assets and other details for gratuity benets.
` in million
Particulars Year ended
March 31, 2016
Year ended
March 31, 2015
Opening obligations 6,754.6 5,818.5
Add: Adjustment for exchange uctuation on opening obligations 4.4 3.1
Adjusted opening obligations 6,759.0 5,821.6
Service cost 626.7 529.8
Interest cost 538.7 529.9
Actuarial (gain)/loss 128.0 514.3
Past service cost ––
Liability transferred from/to other companies (5.9) (7.3)
Benets paid (659.8) (633.7)
Obligations at the end of the year 7,386.8 6,754.6
Opening plan assets, at fair value 6,570.7 5,729.9
Expected return on plan assets 502.6 443.5
Actuarial gain/(loss) (345.7) 589.1
Contributions 871.1 449.2
Asset transferred from/to other companies (5.9) (7.3)
Benets paid (659.8) (633.5)
Closing plan assets, at fair value 6,933.0 6,570.7
Fair value of plan assets at the end of the year 6,933.0 6,570.7
Present value of the dened benet obligations at the end of the year 7,386.7 6,754.6
Amount not recognised as an asset (limit in Para 59(b) of AS-15 on ‘employee
benets’) ––
Asset/(liability) (453.7) (183.9)
Cost for the year1
Service cost 626.7 529.8
Interest cost 538.7 529.9
Expected return on plan assets (502.6) (443.5)
Actuarial (gain)/loss 473.7 (74.8)
Past service cost ––
Exchange uctuation loss/(gain) 4.3 3.1
Effect of the limit in para 59(b) of AS15 on ‘employee benets’ ––
Net cost 1,140.8 544.5
Actual return on plan assets 156.9 1,032.6
Expected employer’s contribution next year 500.0 510.2
Investment details of plan assets
Insurer managed funds 7.38% 8.68%
Government of India securities 31.08% 40.29%
Corporate bonds 24.19% 18.37%
Special deposit schemes 4.20% 4.43%
Equity 13.53% 12.81%
Others 19.62% 15.42%
Assumptions
Discount rate 7.85% 7.90%
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.