66 Note 24.5 Employee benefit obligations Funded schemes a) Defined benefit plan Gratuity The Company operates a gratuity plan through the ‘Rudolf Atul Chemicals Ltd Employees Group Gratuity Assurance Scheme’. Every employee is entitled to a benefit equivalent to the last drawn salary of 15 days for each completed year of service subject to a maximum of ` 20 lakhs in line with the Payment of Gratuity Act, 1972 or the Company scheme, whichever is more beneficial. Gratuity is payable at the time of separation or retirement from the Company, whichever is earlier. The benefit vests after five years of continuous service. Balance Sheet amount (Gratuity) (` lakhs) Particulars Present value of obligation Fair value of plan assets Net amount As at March 31, 2020 48.03 (44.44) 3.59 Current service cost 5.67 - 5.67 Interest expense | (income) 3.09 (2.86) 0.23 Total amount recognised in profit and loss 8.76 (2.86) 5.90 Remeasurements Return on plan assets, excluding amount included in interest expense | (income) - (0.59) (0.59) (Gain) | Loss from change in demographic assumptions 2.60 - 2.60 (Gain) | Loss from change in financial assumptions (2.47) - (2.47) Experience (gains) | losses 8.57 - 8.57 Total amount recognised in other comprehensive income 8.70 (0.59) 8.11 Employer contributions - (3.58) (3.58) Benefit payments (4.75) - (4.75) As at March 31, 2021 60.74 (51.47) 9.27 Current service cost 6.39 - 6.39 Interest expense | (income) 3.84 (3.26) 0.58 Total amount recognised in profit and loss 10.23 (3.26) 6.97 Remeasurements Return on plan assets, excluding amount included in interest expense | (income) - (0.16) (0.16) (Gain) | Loss from change in demographic assumptions (2.40) - (2.40) (Gain) | Loss from change in financial assumptions 8.24 - 8.24 Experience (gains) | losses 3.14 - 3.14 Total amount recognised in other comprehensive income 8.98 (0.16) 8.82 Employer contributions - (9.27) (9.27) As at March 31, 2022 79.96 (64.16) 15.80
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