Employees and Pension Obligations

As of September 30, 2019, the Covestro Group had 17,320 employees worldwide (December 31, 2018: 16,770). Personnel expenses in the first nine months of 2019 were down by €128 million from the prior-year period to €1,337 million (previous year: €1,465 million). This was mainly due to lower provisions for short-term variable compensation.

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Employees by Corporate Function1

 

  

 

  

 

 

  

Dec. 31, 2018

  

Sep. 30, 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

  

11,158

Marketing and distribution

  

3,601

  

3,387

Research and development

  

1,123

  

1,234

General administration

  

1,567

  

1,541

Total

  

16,770

  

17,320

Provisions for pensions and other post-employment benefits increased to €2,019 million as of September 30, 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

  

Sep. 30, 2019

 

  

%

  

%

Germany

  

1.80

  

0.90

United States

  

4.00

  

2.90