7.Employees and Pension Obligations

As of June 30, 2022, the Covestro Group had 17,978 employees worldwide (December 31, 2021: 17,909). In the first half of 2022, personnel expenses decreased by €32 million to €1,114 million (previous year: €1,146 million), largely due to lower expenses for short-term variable compensation.

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Employees by division1

 

 

 

 

 

 

 

Dec. 31, 2021

 

June 30, 2022

Production

 

11,618

 

11,751

Marketing and distribution

 

3,254

 

3,330

Research and development

 

1,477

 

1,457

General administration

 

1,560

 

1,440

Total

 

17,909

 

17,978

1

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

Provisions for pensions and other post-employment benefits decreased to €473 million (December 31, 2021: €1,199 million). This was mainly due to a reduction in the measurement of obligations as a result of significantly higher discount rates. The rise in projected future benefit increases in Germany to 1.9% (December 31, 2021: 1.8%) had an offsetting effect on the measurement of obligations.

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Discount rate for pension obligations

 

 

 

 

 

 

 

Dec. 31, 2021

 

June 30, 2022

 

 

%

 

%

Germany

 

1.20

 

3.30

United States

 

2.60

 

4.30