Amal Ltd 2015-16

Amal Ltd | Annual Report 2015-16 Notes to the Financial Statements Note 33 Employee Benefits (a) Defined contributions plans: (i) Provident fund (ii) State defind contribution plans - Employers’ contribution to employees’ state insurance - Employers’ contribution to employees’ pension scheme 1995 The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner. Under the scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits. These funds are recognised by the income tax authorities. The Company has recognised The following amounts in The Statement of Profit and Loss for the year: ( ` 000) Particulars 2015-16 2014-15 1. Contribution to provident fund 108 197 2. Contribution to employees pension scheme 1995 100 97 3. Contribution to employees state insurance 49 45 (b) Defined benefit plans: (i) Gratuity The Gratuity fund is maintained with the LIC of India under Group Gratuity scheme. Valuation in respect of Gratuity have been carried out by independent actuary, as at the Balance Sheet date, based on the following assumptions: Particulars Gratuity 2015-16 2014-15 1. Discount rate (per annum) 7.56% 7.80% 2. Rate of increase in compensation levels 7.00% 7.00% 3. Expected rate of return on plan assets 7.56% 8.70% ( ` 000) Particulars Gratuity 2015-16 2014-15 (i) Changes in present value of obligation Opening balance of present value of obligation 491 377 Interest cost 38 31 Current service cost 93 100 Benefits paid - (82) Actuarial (gain) | loss (155) 65 Closing balance of present value of obligation 467 491 (ii) Changes in fair value of plan assets Opening balance of present value of plan assets 1,168 1,152 Expected return on plan assets 102 97 Contributions 6 - Benefits paid - (82) Actuarial gain | (loss) on plan assets (5) 1 Closing balance of fair value of plan assets 1,271 1,168