Page 203 - Tata_Chemicals_yearly-reports-2020-2021

Integrated Report Statutory Reports Financial Statements
1-59 60-146 Standalone

8 Maturity profile of defined benefit obligation is as follows; ` in crore
As at March 31, 2021 As at March 31, 2020
Post Post
Expected payments 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 17.22 2.16 2.80 1.06 12.15 1.90 2.58 1.18
(next annual reporting period)
Later than 1 year and not later than 5 years 41.43 10.82 11.39 4.14 36.60 9.57 10.87 4.51
Later than 5 year and not later than 9 years 24.73 15.09 11.66 3.99 24.78 13.37 11.33 3.93
10 years and above 74.67 302.56 123.86 9.65 73.16 277.34 129.08 9.69
Total expected payments 158.05 330.63 149.71 18.84 146.69 302.18 153.86 19.31
Weighted average duration to the payment of 6.53 16.35 13.98 6.73 7.27 17.16 13.92 6.71
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, 2021 March 31, 2020
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, 2021 March 31, 2020
Plan assets at the end of the year 328.00 326.37
Less: Present value of funded obligation 330.35 340.08
Amount recognised in the Standalone Balance Sheet (2.35) (13.71)

Assumptions used in determining present value of obligation of interest rate guarantee under a deterministic approach:
As at As at
March 31, 2021 March 31, 2020
Guaranteed rate of return 8.50% 8.50%
Discount rate for remaining term to maturity of investments 6.45% 6.35%
Discount rate 6.50% 6.05%
Expected rate of return on investments 8.57% 7.86%

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