Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 285

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 285
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    Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation 
    $(3,739) 
    $(3,178) 
    $(2,676) 
    $(2,430)
  
    Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation 
     1,649  
     5,847  
     4,350  
     312 
  
    Actuarial (gain)/loss due to experience on defined benefit obligation 
     14,121  
     15,320  
     52,679  
     63,712 
  
    Total 
    $12,031  
    $17,989  
    $54,353  
    $61,594 

41

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

The assumptions used in accounting for the gratuity plan are as follows: 

    December 31, 2024  
    December 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