Amal Ltd 2020-21

Amal Ltd | Annual Report 2020-21 ( ` lakhs ) Expenses recognised for the year ended on March 31, 2021 (included in Note 22) 2020-21 2019-20 Present value of unfunded obligations 6.26 3.91 - Current 0.75 1.01 - Non-current 5.51 2.90 Expense recognised in the Consolidated Statement of Profit and Loss 0.66 0.40 Discount rate 6.44% 6.43% Salary escalation rate 7.62% 8.40% c) Defined contribution plans Provident fund 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 plans are operated by the Regional Provident Fund Commissioner. Under the scheme, the Group 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 contribution of the Group to the provident fund and other contribution plans for all employees is charged to the Consolidated Statement of Profit and Loss. The Group has recognised the following amounts in the Consolidated Statement of Profit and Loss for the year (refer Note 22): ( ` lakhs ) Particulars 2020-21 2019-20 Contribution to provident fund 2.70 2.45 Contribution to employees pension scheme 1995 3.81 2.20 Contribution to employees’ state insurance 0.77 0.54 Contribution to employee depository linked insurance 0.23 0.13 7.52 5.32 Estimation of social security code: The Parliament of India has approved the Code on Social Security, 2020 (the Code), which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment, Government of India has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any. Note 25.5 Employee benefit obligations (continued)