ICICI Bank 2015 Annual Report Download - page 219
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forming part of the Consolidated Accounts (Contd.)
Schedules
217Annual Report 2014-2015
Consolidated Financial Statements
8. Staff retirement benefits
Pension
The following tables set forth, for the periods indicated, movement of the present value of the defined benefit obligation,
fair value of plan assets and other details for pension benefits.
` in million
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
Opening obligations 10,209.9 10,392.5
Service cost 217.8 240.3
Interest cost 943.5 833.7
Actuarial (gain)/loss 3,174.7 998.5
Liabilities extinguished on settlement (1,381.1) (2,012.8)
Benefits paid (164.9) (242.3)
Obligations at the end of year 12,999.9 10,209.9
Opening plan assets, at fair value 9,018.8 9,526.8
Expected return on plan assets 743.3 772.0
Actuarial gain/(loss) 104.7 (29.1)
Assets distributed on settlement (1,534.6) (2,236.5)
Contributions 1,936.1 1,227.9
Benefits paid (164.9) (242.3)
Closing plan assets, at fair value 10,103.4 9,018.8
Fair value of plan assets at the end of the year 10,103.4 9,018.8
Present value of the defined benefit obligations at the end of the year (12,999.9) (10,209.9)
Amount not recognised as an asset (limit in Para 59(b) of AS 15 on ‘employee
benefits’)
––
Asset/(liability) (2,896.5) (1,191.1)
Cost for the year
Service cost 217.8 240.3
Interest cost 943.5 833.7
Expected return on plan assets (743.3) (772.0)
Actuarial (gain)/loss 3,070.0 1,027.6
Curtailments & settlements (gain)/loss 153.5 223.7
Effect of the limit in para 59(b) of AS 15 on ‘employee benefits’ ––
Net cost 3,641.5 1,553.3
Actual return on plan assets 848.1 742.9
Expected employer’s contribution next year 3,000.0 1,000.0
Investment details of plan assets
Insurer Managed Funds1 84.51% 80.86%
Government of India securities 7.12% 7.50%
Corporate Bonds 8.12% 9.00%
Others 0.25% 2.64%
Assumptions
Interest rate 8.00% 9.25%
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. Majority of the funds are invested in Government of India securities and corporate bonds.