ICICI Bank 2016 Annual Report Download - page 236
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Annual Report 2015-2016234
Schedules
forming part of the Consolidated Accounts (Contd.)
Consolidated Financial Statements
` in million
Particulars Year ended
March 31, 2016
Year ended
March 31, 2015
Cost for the year
Service cost 834.9 716.1
Interest cost 677.5 662.8
Expected return on plan assets (597.1) (518.6)
Actuarial (gain)/loss 619.1 (55.9)
Past service cost ––
Losses/(gains) on "Acquisition/Divestiture" ––
Exchange uctuation loss/(gain) 4.3 3.1
Effect of the limit in para 59(b) of AS 15 on ‘employee benets’ –(0.1)
Net cost 1,538.7 807.4
Actual return on plan assets 199.0 1,218.0
Expected employer’s contribution next year 745.0 755.2
Investment details of plan assets
Insurer managed funds 23.19% 23.68%
Government of India securities 25.77% 33.67%
Corporate bonds 20.06% 15.35%
Special Deposit schemes 3.48% 3.70%
Equity 11.22% 10.71%
Others 16.28% 12.89%
Assumptions
Interest rate 7.50%-8.05% 7.80%-8.05%
Salary escalation rate 7.00%-10.00% 5.00%-10.00%
Estimated rate of return on plan assets 7.50%-8.50% 7.50%-8.50%
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,
2016
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
Year ended
March 31,
2012
Plan assets 8,361.6 7,862.7 6,744.3 6,394.9 5,724.3
Dened benet obligations (9,389.8) (8,470.2) (7,252.6) (6,887.3) (6,257.9)
Amount not recognised as an asset (limit in para
59(b) of AS 15 on ‘employee benets’) –– (0.1) (0.5) –
Surplus/(decit) (1,028.2) (607.5) (508.4) (492.9) (533.6)
Experience adjustment on plan assets (398.1) 699.4 (8.4) 51.0 23.1
Experience adjustment on plan liabilities 171.4 70.6 308.7 216.0 119.4
The estimates of future salary increases, considered in actuarial valuation, take into consideration ination, seniority,
promotion and other relevant factors.
Provident Fund (PF)
As there is no liability towards interest rate guarantee on exempt provident fund on the basis of actuarial valuation,
the Group has not made any provision for the year ended March 31, 2016 (March 31, 2015: Nil).