INDIA
Economic Political Weekly
EPW
Published on Saturday, June 27, 2015 vol l nos 26 27
27
SCHEDULES TO FINANCIAL STATEMENTS AS AT 31 MARCH 2015
Currency: Indian rupees in thousands
41. Employee Beneits Continued VI
Experience adjustments 31 Mar 15
31 Mar 14 31 Mar 13 31 Mar 12
31 Mar 11
Present Value of DBO
144,059 97,976
86,181 56,187
46,350 Fair Value of Plan Assets
14,807 15,421
22,757 25,692
24,675 Funded Status [Surplus Deicit]
129,252 82,555
63,424 30,495
21,675 Experience adjustment on Plan
513
4,985 6,418
4,899 960
Liabilities: Gain Loss Experience adjustment on Plan Asset: Gain
342
159 307
306 255
VII Principal Actuarial Assumptions
31 Mar 2015 31 Mar 2014
Discount Rate per annum
7.8
8.9 Expected rate of return on assets per annum
8
8 Salary Escalation Rate per annum
7
6 Attrition Rate
16
16 Expected average remaining working
5 years
5 years lives of employees Mortality Rate
IALM 2006-08 Ultimate
IALM 2006-08 Ultimate The estimate of future salary increase considered in actuarial valuation takes account of inlation, seniority, promotion and other
relevant factors.
42. Employee share based payments
The Bank grants shares in its ultimate parent, DBS Group Holdings Ltd, to certain eligible employees. Upon settlement the shares are transferred to its employees. The shares are awarded to the eligible employees as per the current schemes which are set out below:
a. Restricted share plan - The shares awarded under the said plan to the eligible employees could be performance-based andor time- based. Where time-based awards are granted, they will only vest after the satisfactory completion of time-based service conditions.
A time-based award comprises two elements, namely, the main award and the retention also known as “kicker” award. Shares awarded vest in a graded manner whereby, thirty-three percent of the shares comprised in the main award will vest
two years after the date of grant. A further thirty-three percent of the shares comprised in the main award will vest three years after the date of grant. The remainder thirty-four percent of the shares comprised in the main award, together with the
shares comprised in the retention award, known as kicker will vest four years after the date of grant. b. Chairman Recognition award – Eligible employees of the Bank are awarded ordinary shares for their excellent performance
during the year. Shares awarded vest in a graded manner whereby thirty-three percent of the shares will vest two years after the date of grant, a further thirty-three percent of the shares comprised in the main award will vest three years after the date of grant
and the remainder thirty-four percent of the shares will vest four years after the date of grant. A reconciliation of employee share based payment movements in number of shares during the year ended 31 March 2015 is shown
below:
Category Year
No. of unvested Granted Additional
Vested Lapsed
No. of unvested shares as at
shares for shares as at
31 March 2014 rights issue
31 March 2015
Restricted Share Plan 2011
39,581 –
2163 41,744
– –
2012 47,087
– 740
17,999 –
29,828 2013
50,068 –
11,975 5,424
32,669 2014
103,468 –
4,100 99,368
2015 –
33,543 –
– –
33,543 Chairman’s Recognition
2011 8,642
– 8,642
– –
Award 2012
31,663 –
– 15,748
193 15,722
2013 61,700
– –
20,567 –
41,133 2014
71,600 –
– –
– 71,600
2015 –
48,253 –
– 500
47,753 The weighted average fair value of shares awarded as shown above were in the range of SGD 14.10 – SGD 19.10.
INDIA
Published on Saturday, June 27, 2015 vol l nos 26 27
EPW
Economic Political Weekly
28
SCHEDULES TO FINANCIAL STATEMENTS AS AT 31 MARCH 2015
Currency: Indian rupees in thousands
42. Employee share based payments
