Employees and Pension Obligations

As of March 31, 2019, the Covestro Group had 16,910 employees worldwide (December 31, 2018: 16,770). Personnel expenses were down by €23 million to €470 million in the first quarter of 2019 (previous year: €493 million). This was mainly due to lower provisions for short-term variable compensation.

Employees by Corporate Function1

 

 

 

 

 

 

 

Dec. 31, 2018

 

Mar. 31, 2019

1

The number of employees on either permanent or temporary contracts is stated in full-time equivalents (FTE). Part-time employees are included on a pro-rated basis in line with their contractual working hours. Employees in vocational training are not included.

Production

 

10,479

 

10,647

Marketing and distribution

 

3,601

 

3,586

Research and development

 

1,123

 

1,112

General administration

 

1,567

 

1,565

Total

 

16,770

 

16,910

Provisions for pensions and other post-employment benefits increased to €1,667 million as of March 31, 2019 (December 31, 2018: €1,445 million). In particular, this was attributable to a lower discount rate in Germany. A positive change in the value of plan assets partly compensated for this development.

Discount Rate for Pension Obligations

 

 

 

 

 

 

 

Dec. 31, 2018

 

Mar. 31, 2019

 

 

%

 

%

Germany

 

1.80

 

1.40

United States

 

4.00

 

3.60