Page 289 - Crisil Annual Report 2023

Financial Statements
Standalone
Maturity profile of defined benefit obligation:
Weighted average duration of defined benefit obligation
4 - 7 years
4 - 7.1 years
658
696
780
968
1,091 5,775
100%
Particulars
Year ended December 31, 2023
Year ended December 31, 2022
The defined benefit
December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 December 31, 2029
obligation shall mature after December 31, 2023 as follows:
to December 31, 2033
Particulars
C in lakh
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Investment with insurer
100%
Particulars
As at December 31, 2023
As at December 31, 2022
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.
The principal assumptions used in determining gratuity for the Company’s plans is as below:
Discount rate
Rate of return on plan assets Mortality rate
Expected employee turnover
7.20%
7.00% Indian Assured Lives Mortality (2006-08) Ult.
Particulars
Year ended December 31, 2023
Year ended December 31, 2022
7.20%
7.00%
Indian Assured Lives Mortality (2006-08) Ult.
Rates
20.00%
10.00%
10% for first 4 years starting 2024 and 7% thereafter
635
Service years Rates
Service < 5 Service => 5 Increment
Expected employer’s contribution next year (C lakh)
Broad category of plan assets as per percentage of total plan assets of the gratuity:
Government securities
Fixed deposit, debentures and bonds
Others
Total 100%
The actuarial assumptions for the determination of defined benefit obligations are discount rate and salary escalation rate. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, holding all other assumptions constant.
Effect on DBO due to 0.5% increase in discount rate (206) Effect on DBO due to 0.5% decrease in discount rate 219
Effect on DBO due to 0.5% increase in salary escalation rate 167 Effect on DBO due to 0.5% decrease in salary escalation rate (168)
20.00%
10.00% 10% for first 4 years starting 2023 and 7% thereafter 548
Particulars
As at December 31, 2023
As at December 31, 2022
88%
3%
9%
100%
87% 9% 4%
Discount rate
C lakh
Salary escalation rate
C lakh
Annual Report 2023 287