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picture1_Time Plan Excel Template 32647 | Consol Ind As 19


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File: Time Plan Excel Template 32647 | Consol Ind As 19
home note no 34 gratuity and other postemployment benefit plans gratuity and other postemployment benefit plans the company has defined benefit gratuity plan and provident fund plan managed by trusts ...

icon picture XLSX Filetype Excel XLSX | Posted on 09 Aug 2022 | 3 years ago
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                                   Note NO. 34
                                   Gratuity and other post-employment benefit plans
                                   Gratuity and other post-employment benefit plans
                                    The Company has defined benefit gratuity plan and provident fund plan managed by trusts.
                                    Gratuity Plan :
                                    Gratuity is payable to all eligible employees of the Company as per the provisions of the Payment of Gratuity Act, 1972 or as per the Company’s 
                                   scheme, whichever is higher.
                                    Provident Fund Plan :
                                    The Company manages provident fund plan through a provident fund trust for its employees which is permitted under the Provident Fund and 
                                   Miscellaneous Provisions Act, 1952. The Contribution by employee and employer together with interest are payable at the time of separation from 
                                   service or retirement whichever is earlier.
                                    Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been 
                                   considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the 
                                   obligation is expected to be settled.
                                                                                                                             (` in Crores)
                                                                                                             2019                  2018
                                   A Gratuity
                                   The following table sets out movement in defined benefits liability and the amount 
                                   recognised in the
                                   financial statements:
                                   Gratuity provision                                                         4.76                   6.8
                                   Total                                                                      4.76                   6.8
                                                                                                                   Defined benefit       Fair value of plan 
                                   i Changes in the defined benefit obligation and fair value of plan assets as at December 31, 2019:    obligation
                                   Gratuity cost charged to profit or loss:
                                   As at January 1, 2018                                                                          134.12            133.51
                                   Service cost                                                                                    11.41                  -
                                   Net interest expense/income                                                                       9.4               9.36
                                   Total amount recognised in statement of profit and loss (Note 28 and 32)                        20.81               9.36
                                   Acquisitions(credit)/cost                                                                       -2.27                  -
                                   Remeasurement (gains)/losses in other comprehensive income:
                                   Return on plan assets (excluding amounts included in net interest expense)                          -               0.94
                                   Actuarial changes arising from changes in financial assumptions                                  0.07                  -
                                  Experience adjustments                                                                       -2.12                  -
                                  Total amount recognised in other comprehensive income                                        -2.05              0.94
                                  Benefits paid                                                                               -14.14            -14.14
                                  As at December 31, 2018                                                                     136.47            129.67
                                  Service cost                                                                                  8.56                  -
                                  Net interest expense                                                                          6.95              7.61
                                  Total amount recognised in statement of profit and loss (Note 28 and 32)                     15.51              7.61
                                  Demerger adjustment#                                                                        -61.81            -55.32
                                  Remeasurement (gains)/losses in other comprehensive income:
                                  Return on plan assets (excluding amounts included in net interest expense)                       -              -3.93
                                  Actuarial changes arising from changes in financial assumptions                               2.81                  -
                                  Experience adjustments                                                                       -1.64                  -
                                  Total amount recognised in other comprehensive income                                         1.17              -3.93
                                  Contributions by employer                                                                        -              8.55
                                  Benefits paid                                                                                -3.69              -3.69
                                  As at December 31, 2019                                                                      87.65             82.89
                                  #Pursuant to demerger, plan assets have been transferred in the ratio of liability.
                                  Amount recognized in balance sheet (including discontinued                                   2019              2018
                       ii         operations related)
                                  Present value of funded obligations                                                          87.65           136.47
                                  Fair value of plan assets                                                                    82.89           129.67
                                  Net funded obligation                                                                        -4.76              -6.8
                                  Net defined benefit (liability) / asset recognised in balance sheet                          -4.76              -6.8
                                  Expense recognised in profit or loss (includes discontinued operations 
                       iii        related)
                                  Current Service Cost                                                                          8.56             11.41
                                  Interest Cost                                                                                -0.66              0.04
                                                                                                                                 7.9             11.45
                       iv         Remeasurements recognised in other comprehensive income
                                  Actuarial (gain)/loss on defined benefit obligation                                           1.17             -2.05
                                  Return on plan assets excluding interest income                                               3.93             -0.94
                                                                                                                                 5.1             -2.99
                       v          The major categories of plan assets of the fair value of the total plan assets are as follows:
                                  Investments quoted in active markets
                                Government of India Securities (Central and State)                                   8.28%          12.00%
                                PSU securities                                                                       6.45%           8.20%
                                Special deposit scheme / Funds with LIC                                            67.78%           74.00%
                                Others (including bank balances)                                                   17.49%            5.80%
                                Total                                                                             100.00%          100.00%
                                The principal assumptions used in determining gratuity obligations 
                     vi         are shown below:
                                Discount rate                                                                        6.90%           7.30%
                                Future salary increases                                                              7.75%           7.75%
                                The following payments are expected contributions to the defined 
                     vii        benefit plan in future years
                                Within the next 12 months (next annual reporting period)                              5.43             9.55
                                Between 2 and 5 years                                                                37.13            63.64
                                Beyond 5 years                                                                       63.78            96.68
                                Total expected payments                                                             106.34           169.87
                                The average duration of the defined benefit plan obligation at the end of the reporting period is 10 years.
                                                                                                                                (` in Crores)
                                                                                                                December 31, 2019
                                                                                                                             Future salary 
                                                                                                          Discount rate        increases
                     viii       A quantitative sensitivity analysis for significant assumption as at
                                December 31, 2019 is as shown below:
                                Assumptions
                                Sensitivity analysis
                                1% increase                                                                   -6.74              7.64
                                1% decrease                                                                    7.78              -6.76
                                Impact on defined benefit obligation
                                The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a
                                result of reasonable changes in key assumptions occurring at the end of the reporting period.
                                                                                                                                (' in Crores)
                                                                                                           Fair value of
                                Defined benefit obligation                                                 plan assets      Benefit liability
                                i Changes in the defined benefit obligation and fair value of plan 
                                assets
                                As at January 1, 2018                                          561.47              559.12              2.35
                                                      Current service cost                                                                                           96.55                                      -                   96.55
                                                      Interest expense                                                                                               50.89                             50.71                           0.18
                                                      Return on plan assets                                                                                                   -                       -13.85                        13.85
                                                      Contributions                                                                                                           -                        93.35                       -93.35
                                                      Benefit payments                                                                                              -53.03                            -53.03                                 -
                                                      Actuarial (gain)/loss                                                                                         -20.95                                      -                  -20.95
                                                      As at December 31, 2018                                                                                      634.93                              636.3                         -1.37
                                                      Current service cost                                                                                             60.73                                     -                    60.73
                                                      Demerger adjustment#                                                                                          -208.18                           -204.63                         -3.55
                                                      Interest expense/income                                                                                          38.61                             38.17                          0.44
                                                      Return on plan assets                                                                                                    -                        -13.54                        13.54
                                                      Contributions                                                                                                            -                         59.15                      -59.15
                                                      Benefit payments                                                                                                -33.89                            -33.89                               -
                                                      Actuarial (gain)/loss                                                                                           -10.32                                     -                  -10.32
                                                      As at December 31, 2019                                                                                        481.88                            481.56                           0.32
                                                      #Pursuant to demerger, plan assets have been transferred in the ratio of liability.
                                                                                                                                                                                              (' in Crores)
                                                                                                                                                                        2019                              2018
                                            ii        Amount recognized in balance sheet
                                                      Present value of funded obligations                                                                            481.88                            634.93
                                                      Fair value of plan assets                                                                                      481.56                              636.3
                                                      Net funded obligation                                                                                             -0.32                              1.37
                                                      Net defined benefit (liability) / asset recognised 
                                                      in balance sheet                                                                                                  -0.32                                    -
                                           iii        The principal assumptions are shown below:
                                                      Discount rate                                                                                                   6.90%                             7.30%
                                                      Expected return on EPFO                                                                                         8.65%                             8.55%
                                                      A quantitative sensitivity analysis for significant 
                                                      assumption as at December 31, 2019 is as 
                                    iv                shown below:
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...Home note no gratuity and other postemployment benefit plans the company has defined plan provident fund managed by trusts is payable to all eligible employees of as per provisions payment act or s scheme whichever higher manages through a trust for its which permitted under miscellaneous contribution employee employer together with interest are at time separation from service retirement earlier assumptions relating future salary increases attrition rate discount overall expected return on assets have been considered based relevant economic factors such inflation market growth applicable period over obligation be settled in crores following table sets out movement benefits liability amount recognised financial statements provision total fair value i changes december cost charged profit loss january net expenseincome statement acquisitions credit remeasurement gains losses comprehensive income excluding amounts included expense actuarial arising experience adjustments paid demerger adju...

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