Amal Ltd 2018-19

85 Note 29 Employee Benefit Obligation a) Defined contribution plans: i) Provident fund ii) State defined 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’s contribution to the provident fund and other contribution plans for all employees is charged to Statement of Profit and Loss. The Company has recognised the following amounts in the Statement of Profit and Loss for the year (refer note 19): ( ` 000) Particulars 2018-19 2017-18 1. Contribution to provident fund 146 82 2. Contribution to employees pension scheme 1995 153 104 3. Contribution to employees’ state insurance 65 82 4. Contribution to EDLI 10 6 374 274 b) Defined benefit plans: Gratuity The gratuity fund is maintained with the Life Insurance Corporation of India under Group Gratuity scheme. Balance Sheet amount (Gratuity) ( ` 000) Particulars Gratuity 2018-19 2017-18 i) Changes in present value of projected benefit obligation Present value of obligation at the beginning of the period 491 444 Interest cost 38 29 Current service cost 67 54 Actuarial (gains) | losses on obligations - Due to change in demographic assumption (4) (4) - Due to experience 48 (21) - Due to change in financial assumptions 20 (11) Present value of obligation at the end of the period 660 491 ii) Changes in fair value of plan assets Opening balance of present value of plan assets 1,472 1,366 Interest income 115 89 Return on plan assets excluding amounts included in interest income (13) 9 Contributions 6 8 Closing balance of fair value of plan assets 1,580 1,472 Notes to the Financial Statements