Page 251 - Tata Chemical Annual Report_2022-2023

Integrated Annual Report 2022-23 01-83 84-192 193-365
Integrated Report Statutory Reports Financial Statements
Standalone

` in crore Decrease - - - - - ` in crore Decrease - - - - - 8. Maturity profile of defined benefit obligation is as follows; As at March 31, 2022 ` in crore
Family benefit scheme - - - - - Family benefit scheme - - - - - Particulars Gratuity retirement obligations scheme retirement obligations scheme
As at March 31, 2023
Post
Post
Family
Family
Directors'
Directors'
retirement
benefit Gratuity
retirement benefit
Increase
Increase
medical
medical
3
Within the next 12 months (next
2
3
2
annual reporting period) 19 benefits 16 1 18 benefits 12 1
-
-
-
1
-
-
-
-
(1)
(1)
Directors’ post retirement medical benefits Decrease (1) - - 1 - Directors’ post retirement medical benefits Decrease - - - 1 - 10 years and above 159 271 200 11 157 309 150 19
11
Later than 1 year and not later than 5 years
11
34
38
4
4
34
4
15
12
Later than 5 year and not later than 9 years
15
18
4
29
123
72
10
72
281
163
20
299
Total expected payments
Weighted average duration to the
7
12
7
15
15
6
12
6
Increase
Increase
payment 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.
-
-
-
3
3
-
(4)
(2)
(5)
(2)
As at March 31, 2023 Directors’ retirement obligations Decrease (3) - 5 - 2 As at March 31, 2022 Directors’ retirement obligations Decrease (2) - 4 - 2 Particulars March 31, 2023 March 31, 2022
10. Average longevity at retirement age for current beneficiaries of the plan (years)*
` in crore
As at
As at
Increase
Increase
22
Males
22
Females
* Based on India's standard mortality table with modification to reflect expected changes in mortality. 24 24
5 - - (8) (4) Decrease 6 - - (10) (5) The sensitivity analysis above has been determined based on reasonably possible changes of the respective key assumptions occurring at the end of the reporting (c) Providend Fund
Decrease
Post retirement medical benefits (4) - - 10 4 Post retirement medical benefits (5) - - 12 5 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
Impact on defined benefit obligation due to change in assumptions
rate guarantee is payable to the employees for the year when the exempt fund declares a return on provident fund investments
Increase
Increase
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.
3 (3) - - - 3 (3) - - -
Decrease Decrease The details of fund and plan assets position are given below: ` in crore
period, while holding all other assumptions constant.
Gratuity (3) 3 - - - Gratuity (3) 3 - - - Particulars March 31, 2023 March 31, 2022
As at
As at
Increase Increase Plan assets at the end of the year 347 349
335
348
Present value of funded obligation
Amount recognised in the Standalone Balance Sheet
Assumptions used in determining present value of obligation of interest rate (1) -
guarantee under a deterministic approach:
Guaranteed rate of return 8.15% 8.10%
Sensitivity Analysis Compensation rate Healthcare costs Life expectancy Change by 1 year Compensation rate Healthcare costs Life expectancy Change by 1 year (d) The defined benefit scheme is administered by a fund that is legally separated from the Company. Responsibility for governance
6.65%
7.35%
Discount rate for remaining term to maturity of investments
7.45%
7.00%
Discount rate
8.39%
8.78%
Expected rate of return on investments
of the scheme lies with the board of trustees. The board of trustees must be composed of representatives of the Company and
for the scheme as required by legislation. Such a review includes the asset-liabilities matching strategy and investment risk
7. Particulars Discount rate 0.50% change 0.50% change Pension rate 1% change 1% change Particulars Discount rate 0.50% change 0.50% change Pension rate 1% change 1% change scheme participants in accordance with the scheme rules and on timely basis, the board of trustees reviews the level of funding
management policy and is used to determine the schedule of contributions payable by and agreed with the Company.
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