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.

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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.

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Discount Rate for Pension Obligations

 

  

 

  

 

 

  

Dec. 31, 2018

  

Mar. 31, 2019

 

  

%

  

%

Germany

  

1.80

  

1.40

United States

  

4.00

  

3.60