| 164 Annual Report | 2023-2024 Financials Note 37: Employee benefits (Cont'd) B) Defined benefit plans (Cont'd) (iii) Movement in the present value of defined benefit obligation recognised in the balance sheet is as under: Particulars As at 31 March 2024 As at 31 March 2023 Present value of defined benefit obligation as at the beginning of the year 2,334.71 1,803.19 Current service cost 350.90 297.21 Interest cost 155.26 118.01 Benefits paid (356.65) (234.69) Actuarial (gain)/ loss on obligation Actuarial (gain)/ loss on arising from change in financial assumption 85.82 (71.00) Actuarial (gain)/ loss on demographic assumptions 19.27 - Actuarial (gain)/ loss on arising from experience adjustment 346.15 421.99 Present value of defined benefit obligation as at the end of the year 2,935.46 2,334.71 (iv) Major categories of plan assets (as percentage of total plan assets): Particulars As at 31 March 2024 As at 31 March 2023 Funds managed by LIC of India 100% 100% (v) Movement in the plan assets recognised in the balance sheet is as under: Particulars As at 31 March 2024 As at 31 March 2023 Fair value of plan assets at beginning of the year 966.01 843.94 Interest income on plan assets 87.84 61.21 Employer's contribution 864.69 295.55 Benefits paid (356.65) (234.69) Expected return on plan assets (43.39) - Fair value of plan assets at the end of the year 1,518.50 966.01 (vi) Actuarial assumptions Particulars As at 31 March 2024 As at 31 March 2023 Discounting rate 7.00% 7.20% Future salary increase 8.00% 8.00% Retirement age (in years) 60 60 Withdrawal rate upto 5 years of service 50% 52% More than 5 years of service 1% 1% Weighted average duration (in years) 12 11 Mortality rates as per Indian Assured Life Mortality (2006-08) ultimate Gratuity is payable to the employees on death or resignation or on retirement at the attainment of superannuation age. To provide for these eventualities, the Actuary has used Indian Assured Lives Mortality (2006-08) Ultimate table. Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2024 (Contd.) (All amounts in ` lakhs unless otherwise stated)
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