Company Overview Financial Statements Notice Statutory Reports 69 Rudolf Atul Chemicals Ltd | Annual Report 2021-22 (` 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 11.63 22.33 19.64 55.50 109.10 As at March 31, 2021 4.53 4.66 24.14 62.84 96.17 b) Defined contribution plans The Company pays provident fund contributions to registered provident fund administered by the government at the rate of 12% of basic salary as per regulations. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is of ` 19.18 lakhs (March 31, 2021: ` 16.62 lakhs). c) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Mortality rates are obtained from the relevant data. d) 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 and gratuity. The Ministry of Labour and Employment, Government of India has released draft rules for the Code on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any. Unfunded schemes e) Defined contribution plan (` lakhs) Particulars Compensated absences As at March 31, 2022 As at March 31, 2021 a) Mortality rate Indian assured lives mortality 2012-14 (Urban) Indian assured lives mortality 2006-08 (Ultimate) b) Present value of unfunded obligations (refer Note 13) 45.64 37.10 c) Expense recognised in the Statement of Profit and Loss (including encashment paid during the year) 9.34 12.84 d) Discount rate (per annum) 6.41% 6.33% e) Salary escalation rate (per annum) 10.70% 7.62%
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