Milliman conducts an annual study of the pension and gratuity obligations of the 26 public sector banks in India to report the major trends with regard to these obligations. The main aim of the study is to educate and create awareness about the state of employer-sponsored retirement programs and foster a healthy dialogue among policy builders, employers, employees, and the general public about the future of retirement plans in India. This is our second such publication.
The report is divided into two sections: the Pension Study, which contains details about the state of funded pension plans sponsored by the 26 public sector banks, and the Gratuity Study, which contains details about the funded gratuity plans of the same 26 public sector banks.
Results are based on the pension plan and gratuity plan accounting information disclosed in the footnotes to the banks’ annual reports for the 2010-2011 and 2011-2012 fiscal years. These figures represent the generally accepted accounting principles (GAAP) accounting information that public companies are required to report under Accounting Standard 15 (Revised 2005). Private companies and mutual insurance companies were excluded from the study.
Milliman publishes a separate annual pension funding study and monthly pension funding index for the 100 largest U.S. defined benefit plans.