72 (` 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, 2023 35.16 4.59 12.63 47.67 100.05 As at March 31, 2022 11.63 22.33 19.64 55.50 109.10 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 ` 18.92 lakhs (March 31, 2022: ` 19.18 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. Unfunded schemes d) Defined contribution plan (` lakhs) Particulars Compensated absences As at March 31, 2023 As at March 31, 2022 a) Mortality rate Indian assured lives mortality 2012-14 (Urban) Indian assured lives mortality 2012-14 (Urban) b) Present value of unfunded obligations (refer Note 13) 35.08 45.64 c) Expense recognised in the Statement of Profit and Loss (including encashment paid during the year) 1.50 9.34 d) Discount rate (per annum) 7.35% 6.41% e) Salary escalation rate (per annum) 9.84% 10.70%
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