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Employment benefit plan

12 Months Ended

Mar. 31, 2023

34. Employment benefit plan

Schedule of employee benefits liability

	2022		2023
	March 31,
	2022		2023
Defined benefit obligation		69,729		71,277
Liability for compensated absences		33,224		25,487
Total liability		102,953		96,766

Net Unfunded liability		69,729		71,277

The Group’s gratuity scheme for its employees in India, is a defined benefit plan. Gratuity is paid as a lump sum amount to employees at retirement or termination of employment at an amount based on the respective employee’s eligible salary and the years of employment with the Group. The benefit plan is partially funded. The following table sets out the disclosure in respect of the defined benefit plan.

Movement in obligation

	March 31,
	2022			2023
Present value of obligation at beginning of year		82,330			79,594
Interest cost		3,889			3,239
Current service cost		10,639			8,619
Past service cost		-			-
Remeasurement (gain)/loss on obligation
-economic assumptions		-			(3,694	)
-demographic assumptions		(719	)		(149	)
-experience assumptions		1,103			14,439
Benefits paid		(17,648	)		(22,551	)
Present value of obligation at closing of year		79,594			79,497

Movement in plan assets*

	March 31,
	2022			2023
Fair value of plan assets at beginning of the year		11,943			9,865
Employer contributions		-			-
Benefits paid		(2,791	)		(2,273	)
Earning on assets		651			538
Remeasurement (gain)/loss on plan assets		62			88
Fair value of plan assets at end of the year		9,865			8,218

*	plan assets represents investment made by the Company in LIC funds

Unfunded liability

Schedule of unfunded liability

	2022		2023
	March 31,
	2022		2023
Current		35,621		40,744
Non-current		34,108		30,533
Unfunded liability recognized in statement of financial position		69,729		71,277

Components of cost recognized in profit or loss

	2021		2022		2023
			March 31,
	2021		2022		2023
Current service cost		10,806		10,639		8,619
Net interest cost		3,539		3,239		2,702
		14,345		13,878		11,321

Amount recognised in other comprehensive income

				March 31,
	2021			2022		2023
Remeasurement loss/ (gain) on obligation*		(2,009	)		321		10,508

*	Refer to Note 31 for the movement during the year.

The principal actuarial assumptions used for estimating the group’s defined benefit obligations are set out below:

	March 31,
	2022			2023
Discount rate		5.45	%		7.10	%
Future salary increase		5.00	%		5.00	%
Average expected future working life (years)		1.56 - 5.85			1.78 - 5.45
Retirement age (years)		58			58
Mortality table		IALM* (2012-14) Ultimate
Withdrawal rate (%)
Ages
Upto 30 years		22% - 26%			31	%
From 31 to 44 years		57% - 65%			61	%
Above 44 years		9% - 21%			8	%

*	Indian Assured Lives Mortality (2012-14) Ultimate represents published mortality table used for mortality assumption.

Yatra Online, Inc.

Notes to the consolidated financial statements

(Amount in INR thousands, except per share data and number of shares)

Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

	March 31,
	2022			2023
a) Impact of the change in discount rate
a) Impact due to increase of 0.50 %		920			1,032
b) Impact due to decrease of 0.50 %		(952	)		(1,069	)

b) Impact of the change in salary increase
a) Impact due to increase of 0.50 %		(1,018	)		(1,083	)
b) Impact due to decrease of 0.50 %		1,105			1,059

The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. These analysis are based on a change in a significant assumption, keeping all other assumptions constant and may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another.

The following payments are expected contributions to the defined benefit plan in future years:

	March 31,
	2022		2023
Year 1		40,306		38,753
Year 2		15,206		13,545
Year 3		7,370		6,942
Year 4		4,080		5,042
Year 5		3,495		4,867
Year 6-10		13,351		18,198
Total expected payments		83,808		87,347

CODE ON SOCIAL SECURITY, 2020

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

Yatra Online, Inc.

Notes to the consolidated financial statements

(Amount in INR thousands, except per share data and number of shares)