Employees and Pension Obligations

As of March 31, 2021, the Covestro Group had 16,395 employees worldwide (December 31, 2020: 16,501). Personnel expenses rose by €70 million from the prior-year quarter to €553 million in the first quarter of 2021 (previous year: €483 million), largely due to higher expenses for provisions for short-term and long-term variable compensation.

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Employees by division1

 

 

 

 

 

 

 

Dec. 31, 2020

 

Mar. 31, 2021

Production

 

10,752

 

10,701

Marketing and distribution

 

3,101

 

3,079

Research and development

 

1,205

 

1,198

General administration

 

1,443

 

1,417

Total

 

16,501

 

16,395

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.

Provisions for pensions and other post-employment benefits declined to €1,775 million as of March 31, 2021 (December 31, 2020: €2,123 million), mainly on account of the increase in the discount rate in Germany and the United States. This development was partly offset by negative performance of plan assets.

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Discount rate for pension obligations

 

 

 

 

 

 

 

Dec. 31, 2020

 

Mar. 31, 2021

 

 

%

 

%

Germany

 

0.70

 

1.10

United States

 

2.10

 

2.90