Page 221 - Tata_Chemicals_yearly-reports-2019-20

Integrated report Statutory reportS Financial StatementS
Standalone

8 Maturity profile of defined benefit obligation is as follows;
` in crore
As at March 31, 2020 As at March 31, 2019
Post Post
retirement Directors' Family retirement Directors' Family
Gratuity retirement benefit Gratuity retirement benefit
medical medical
benefits obligations scheme benefits obligations scheme
Within the next 12 months 12.15 1.90 2.58 1.18 11.72 1.39 2.56 1.13
(next annual reporting period)
Later than 1 year and not later than 5 years 36.60 9.57 10.87 4.51 34.62 7.13 10.39 4.81
Later than 5 year and not later than 9 years 24.78 13.37 11.33 3.93 24.36 10.24 11.03 4.21
10 years and above 73.16 277.34 129.08 9.69 79.94 248.72 127.29 11.37
Total expected payments 146.68 302.18 153.86 19.30 150.64 267.48 151.27 21.52
Weighted average duration to the payment 7.27 17.16 13.92 6.71 6.94 15.76 13.27 6.35
of cash flows (in Year)

9 The details of the Company's post-retirement and other benefit plans for its employees given above are certified by the actuary and
relied upon by the Auditors.
10 Average longevity at retirement age for current beneficiaries of the plan (years)*
As at As at
March 31, 2020 March 31, 2019
Males 21.73 21.73
Females 24.38 24.38
* Based on India's standard mortality table with modification to reflect expected changes in mortality.

(d) Provident Fund
The Company operates Provident Fund Schemes and the contributions are made to recognised funds maintained by the Company.
The Company is required to offer a defined benefit interest rate guarantee on provident fund balances of employees. The interest
rate guarantee is payable to the employees for the year when the exempt fund declares a return on provident fund investments
which is less than the rate declared by the Regional Provident Fund Commissioner (RPFC) on the provident fund corpus for their own
subscribers. The Actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of
India and based on the below provided assumptions, shortfall between plan assets as the end of the year and the present value of
funded obligation has been recognised in the Standalone Balance Sheet and Other Comprehensive Income.
The details of fund and plan assets position are given below:
` in crore
As at As at
March 31, 2020 March 31, 2019
Plan assets at the end of the year 326.37 329.40
Present value of funded obligation 340.08 336.71
Amount recognised in the Standalone Balance Sheet (13.71) (7.31)
Assumptions used in determining present value of obligation
of interest rate guarantee under a deterministic approach:
Guaranteed rate of return 8.50% 8.65%
Discount rate for remaining term to maturity of investments 6.35% 7.75%
Discount rate 6.05% 7.70%
Expected rate of return on investments 7.86% 8.13%

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