Page 237 - Tata_Chemicals_yearly-reports-2021-22

01 INTEGRATED 73 STATUTORY 178 FINANCIAL
REPORTS
REPORT
STATEMENTS
Standalone

(viii) Maturity profile of defined benefit obligation is as follows; ` in crore
As at March 31, 2022 As at March 31, 2021
Post Directors' Family Post Directors' Family
Particulars (expected payments) retirement retirement
Gratuity retirement benefit Gratuity retirement benefit
medical medical
benefits obligations scheme benefits obligations scheme
Within the next 12 months 17.87 2.19 3.08 1.09 17.22 2.16 2.80 1.06
(next annual reporting period)
Later than 1 year and not later than 5 years 38.15 11.00 12.20 4.33 41.43 10.82 11.39 4.14
Later than 5 year and not later than 9 years 28.99 15.07 12.25 4.22 24.73 15.09 11.66 3.99
10 years and above 72.33 280.54 122.81 10.27 74.67 302.56 123.86 9.65
Total expected payments 157.34 308.80 150.34 19.91 158.05 330.63 149.71 18.84
Weighted average duration to the payment of 6.39 15.29 12.14 6.60 6.53 16.35 13.98 6.73
Cash Flows (in Year)
(ix) 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.
(x) Average longevity at retirement age for current beneficiaries of the plan (years)* ` in crore
As at As at
Particulars
March 31, 2022 March 31, 2021
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) Providend 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
Particulars
March 31, 2022 March 31, 2021
Plan assets at the end of the year 349.38 328.00
Less: Present value of funded obligation 335.47 330.35
Amount recognised in the Standalone Balance Sheet - (2.35)
Assumptions used in determining present value of obligation of interest rate guarantee under a deterministic approach:
Guaranteed rate of return 8.10% 8.50%
Discount rate for remaining term to maturity of investments 6.65% 6.45%
Discount rate 7.00% 6.50%
Expected rate of return on investments 8.78% 8.57%

(e) The defined benefit scheme is administered by a fund that is legally separated from the Company. Responsibility for governance of
the scheme lies with the board of trustees. The board of trustees must be composed of representatives of the Company and scheme
participants in accordance with the scheme rules and on timely basis, the board of trustees reviews the level of funding for the
scheme as required by legislation. Such a review includes the asset-liabilities matching strategy and investment risk management
policy and is used to determine the schedule of contributions payable by and agreed with the Company.

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