Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 62

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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31, 2023 
  
    Discount rate – staff 
     6.86% 
     7.28%
  
    Discount rate - independent service provider* 
     6.84% 
     7.21%
  
    Attrition rate – staff 
     42.00% 
     37.96%
  
    Attrition rate - independent service provider* 
     81.43% 
     83.44%
  
    Rate of increase in compensation levels - staff 
     12.87% 
     12.63%
  
    Rate of increase in compensation levels - independent service provider* 
     11.13% 
     11.43%

*Independent service provider are contract employees responsible
for maintaining the fleet of the Company.

During the period ended December 31, 2024 and December 31, 2023, actuarial
gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

The Company evaluates these assumptions
annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government
securities adjusted for a suitable risk premium.

Expected benefit payments as of December 31, 2024 is as follows:

    Year ending March 31, 

    2025 (January 1, 2025 till March 31, 2025) 
    $19,615 
  
    2026 
     69,633 
  
    2027 
     40,348 
  
    2028 
     27,934 
  
    2029 
     14,652 
  
    Thereafter 
     106,427 
  
    Total 
    $278,609 

    II.
    Compensated absences

The employees are permitted to encash
a maximum of 45 days of accumulated leave balance on separation. The Company has provided liability for compensated absences as per an
actuarial valuation carried out by an independent actuary as of the Balance Sheet dates. The amount of compensated absences cost is $5,379
and $4,020 for the three months and nine months ended December 31, 2024 respectively ($26,786 and $128,414 for three months and nine months
ended December 31, 2023 respectively).

    Three months ended 
December 31,  
    Nine months ended
 December