Employees and Pension Obligations

As of March 31, 2022, Covestro had 18,023 employees worldwide (December 31, 2021: 17,909). Personnel expenses were up by €19 million from the prior-year quarter to €572 million in the first quarter of 2022 (previous year: €553 million). This was mainly due to the higher headcount as a result of the acquisition of the Resins & Functional Materials (RFM) business from Koninklijke DSM N.V., Heerlen (Netherlands), on April 1, 2021.

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Employees by division1

 

 

 

 

 

 

 

Dec. 31, 2021

 

Mar. 31, 2022

Production

 

11,618

 

11,732

Marketing and distribution

 

3,254

 

3,215

Research and development

 

1,477

 

1,543

General administration

 

1,560

 

1,533

Total

 

17,909

 

18,023

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 decreased to €835 million as of March 31, 2022 (December 31, 2021: €1,199 million). In particular, this was attributable to a higher discount rate in Germany and the United States.

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Discount rate for pension obligations

 

 

 

 

 

 

 

Dec. 31, 2021

 

Mar. 31, 2022

 

 

%

 

%

Germany

 

1.20

 

1.90

United States

 

2.60

 

3.40