This research paper provides an update for the quarter ended 30 June 2013 on the changes of the discount rate as they apply to liabilities under AS15(R), India’s accounting standard relating to the cost of providing employee benefits. For AS15(R) purposes, the discount rate is set with reference to the yield on Indian government bonds, and is assessed based on the yield curve at the date of valuation. Implied yields have fallen for the quarter. The impact of this decline will depend on the weighted average expected future working lifetime (WAEFWL) of employees.