119 The weighted average duration of the defined benefit obligation is seven years (2022-23: seven 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, 2024 1.69 1.83 5.54 18.41 27.46 As at March 31, 2023 1.32 1.42 4.45 16.98 24.17 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 Company. Valuation in respect of leave encashment has been carried out by an independent actuary, as at the Standalone Balance Sheet date, based on the following assumptions: (` lakhs) Expenses recognised for the year March 31, 2024 (included in Note 25) 2023-24 2022-23 Present value of unfunded obligations 10.73 12.24 - Current 1.29 1.39 - Non-current 9.44 10.85 Expense recognised in the Standalone Statement of Profit and Loss (0.57) 3.64 Discount rate 7.19% 7.35% Salary escalation rate 10.36% 9.84% 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 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 contribution of the Company to the provident fund and other contribution plans for all employees is charged to the Standalone Statement of Profit and Loss. Note 29.5 Employee benefit obligations (continued)
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