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Schedules forming part of the Account
s
| Annual Report 2008-09
SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS
(Contd.)
21 Employee benefits:
(a) Defined benefit plans:
Expenses recognised for the year ended on March 31, 2009 (included in Schedule 13 of Profit and Loss Account)
(Rs in lacs)
Particulars
2008-09
2007-08
Gratuity funded Gratuity funded
1 Current service cost
134.28
277.86
2 Interest cost
195.65
191.28
3 Expected return on plan assets
(218.64)
(191.08)
4 Employer contribution (receipt)
-
-
5 Actuarial losses | (gains)
233.17
(152.65)
Expenses recognised in Profit & Loss Account
344.46
125.41
Reconciliation of net assets | (liability) recognised in the Balance Sheet as at March 31, 2009
Particulars
Gratuity funded Gratuity funded
1 Net assets | (liability) at beginning of the year
16.59
8.59
2 Employer expenses
361.05
125.41
3 Employer contribution
344.46
(117.41)
Net assets | (liability) at the end of the year
722.10
16.59
Actuarial Assumptions
Particulars
Gratuity funded Gratuity funded
1 Discount rates
7.50%
7.50%
2 Expected rate of return on plan asset
8.00%
8.00%
3 Expected rate of salary increase
5.00%
5.00%
4 Mortality post- retirement
LIC (1994-96)
LIC (1994-96)
Major category of plan asset as a percentage of total plan
Particulars
Gratuity funded Gratuity funded
1 Unit linked insurance plan of various private
insurance companies approved by IRDA
94%
94%
2 In approved government securities
6%
6%
Net asset | (liability) recognised in the Balance Sheet as at March 31, 2009
Particulars
Gratuity funded Gratuity funded
1 Present value of defined benefit obligation
2,616.32
2,441.11
2 Fair value of plan assets
2,616.32
2,494.11
3 Funded status (surplus | (deficits))
(35.25)
96.17
Net assets | (liability)
(35.25)
149.17
Particulars
Gratuity funded Gratuity funded
Actual return on plan assets
3.90
255.18
79