Amal Ltd | Annual Report 2021-22 The weighted average duration of the defined benefit obligation is seven years (2020-21: nine years). The expected maturity analysis of gratuity is as follows: (` lakhs) Particulars Less than a year Between 1 - 2 years Between 2 - 5 years Over 5 years Total Defined benefit obligation (gratuity) As at March 31, 2022 1.06 1.30 4.12 14.32 20.80 As at March 31, 2021 0.51 0.51 1.96 13.78 16.77 b) Other long-term benefits Leave encashment is payable to eligible employees who have earned leaves, during the employment and | or on separation as per the policy of the Group. Valuation in respect of leave encashment has been carried out by an independent actuary, as at the Balance Sheet date, based on the following assumptions (` lakhs) Expenses recognised for the year ended on March 31, 2022 (included in Note 23) 2021-22 2020-21 Present value of unfunded obligations 10.47 6.26 - Current 1.59 0.75 - Non-current 8.88 5.51 Expense recognised in the Consolidated Statement of Profit and Loss 4.62 0.66 Discount rate 6.41% 6.44% Salary escalation rate 10.70% 7.62% 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 23): (` lakhs) Particulars 2021-22 2020-21 Contribution to provident fund 4.58 2.70 Contribution to employees pension scheme 1995 5.53 3.81 Contribution to employees’ state insurance 1.15 0.77 Contribution to employee depository linked insurance 0.33 0.23 11.59 7.52 Note 26.5 Employee benefit obligations (continued)
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