Page 264 - Demo

Notes to financial statements
for the year ended March 31, 2020
21 eMPLOyee beNefITs (As-15) ReVIsed
21.1 gratuity:
Gratuity is a defined benefits plan. the Bank has obtained qualifying insurance policies from Insurance Company. the following table summarises the components of net expenses recognised in the profit and loss Account and funded status and amounts recognised in the Balance Sheet on the basis of actuarial Valuation. Actuarial losses/ gains are recognised in the profit and loss Account in the year in which they arise.
Details of defined benefit plan of gratuity are given below:
opening balance of present Value of obligation Interest Cost
Current Service Cost
Benefits paid
Actuarial loss / (gain) on obligation
Acquisitions/Divestures/transfers
Closing balance of present Value of obligation
Reconciliation of opening and closing balance of the fair value of the Plan Assets opening balance of Fair value of plan Assets
Adjustment to opening Balance
expected Return on plan assets
Contributions
other charges (FMC, Mortality charges, etc)
Benefits paid
Actuarial Gain/(loss) Return on plan Assets
Closing balance of Fair Value of plan Assets
Actual Return on plan Assets
Current Service Cost
Interest Cost
expected Return on plan assets
net Actuarial loss/(gain) recognized in the year expenses recognized in the profit and loss Account
Funded status
Actuarial Assumptions
Discount Rate
expected Rate of Return on plan Assets expected Rate of Salary Increase employee Attrition Rate
(` in 000's)
227,763 16,571 66,627
(14,810) 14,287 - 310,438
171,565 3,127 14,459 56,221 -
(14,810) 1,743 232,305 19,329
(` in 000's)
66,627
16,571 (14,459)
9,417 78,156
100% Insurance managed funds
7.52% 7.52% 9.00%
20.26%
Changes in the present value of the obligation
As at 31/03/2020
310,438
As at 31/03/2019
19,393
109,778
(23,242)
28,184
-
444,552
232,305
16,858
35
78,134
(9,306)
-
(23,242)
294,783
7,586
Profit and Loss-Expenses
262 | AnnuAl RepoRt 2019-20
year ended 31/03/2020
109,778
Year ended 31/03/2019
19,393
(16,858)
37,456
149,769
Particulars
As at 31/03/2020
As at 31/03/2019
100% Insurance managed funds
6.40%
6.40%
9.00%
20.84%