Page 159 - Kolte Patil AR 2019-20

Notes forming part of the standalone financial statements

NOTE 35 - EMPLOYEE BENEFITS (Contd.)
viii. Actual Contribution and benefit payments for the year
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Actual benefit paid directly by the company - -
Actual contributions 16 60

ix. Principal Actuarial Assumptions for gratuity
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
Discount rate 5.70% 6.90%
Expected rate of increase in compensation levels 8.00% 11.00%
Expected rate of return on plan assets 6.90% 7.80%
Expected average remaining working lives of employees (Years) 3.75 3.73
Mortality rate IALM(2012-14) ult IALM(2012-14) ult
Withdrawal rate 26% 26%
a. The discount rate is based upon the market yields available on government bonds at the accounting date with a term that matches that
of the liabilities.
b. Expected rate of return of plan assets: This is based on the expectation of the average long term rate of return expected on investments
of the Fund during the estimated term of obligations.

c. Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other
relevant factors.
d. Withdrawal rate: It is the expected employee turnover rate and should be based on the company’s past attrition experience and future
withdrawal expectations.
x. Disclosure related to indication of effect of the defined benefit plan on the entity’s future cash flows:
Expected benefit payments for the year ending:
(H in Lakhs)
As at As at
Particulars
March 31, 2020 March 31, 2019
March 31, 2019 - -
March 31, 2020 218 218
March 31, 2021 224 147
March 31, 2022 150 122
March 31, 2023 143 121
March 31, 2024 124 108
March 31, 2025 119 -
March 31, 2025 to March 31, 2029 - 421
March 31, 2026 to March 31, 2030 389 -
Weighted average duration of defined benefit obligation: 4.12 Years (Previous Year: 4.21 Years)

Annual Report 2019-20 | 157