Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 190

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 190
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 expenses amounted to $2,155,033, $1,547,129and $2,111,178for the years ended
March 31, 2025, 2024, and 2023, respectively.

Deferred merger costs

Deferred merger costs consist
primarily of expenses paid to attorneys, underwriters, and others direct costs related to the Merger. Should the Merger prove to be unsuccessful,
these deferred costs, as well as additional expenses to be incurred, will be charged to expenses.

F-19

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Defined contribution plan

Full-time employees of the
Company are entitled to government-mandated defined contribution plan. The Company is required to accrue and pay for these benefits based
on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government
regulations, and make cash contributions to the government-mandated defined contribution plan. Total expenses for the plans were $305,690,
$211,432and $173,265for the years ended March 31, 2025, 2024 and 2023, respectively.

The related contribution plans include:

Singapore subsidiaries

  Central Provident Fund (“ CPF”) — 17.00% based on employee’s monthly salary for employees aged 55 and below, reduces progressively to 7.5% as age increase;  

  Skill Development Levy (“ SDL”) — up to 0.25% based on employee’s monthly salary capped $ 8.3 (SGD 11.25).  

Malaysian subsidiary

  Social Security Organization (“ SOSCO”) — 1.75% based on employee’s monthly salary capped of RM 4,000;  

  Employees Provident Fund (“ EPF”) — 12% based on employee’s monthly salary; and  
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  Employment Insurance System (“ EIS”) — 0.2% based on employee’s monthly salary capped of RM 4,000.  

Hong Kong subsidiaries

  Mandatory Provident Fund (“ MPF”) — 5% based on employee’s monthly salary capped of HKD 30,000;  

Brazil subsidiary

  Employees’ Severance Indemnity Fund (“ FGTS”) — 8% based on employee’s monthly salary;  
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