Employees and Pension Obligations

As of September 30, 2021, the Covestro Group had 17,883 employees worldwide (December 31, 2020: 16,501). Personnel expenses were up by €221 million from the prior-year quarter to €610 million in the third quarter of 2021 (previous year: €389 million). This was due to an increase in expenses arising from provisions for short-term variable compensation and 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, 2020

 

Sep. 30, 2021

Production

 

10,753

 

11,469

Marketing and distribution

 

3,101

 

3,336

Research and development

 

1,205

 

1,518

General administration

 

1,442

 

1,560

Total

 

16,501

 

17,883

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 €1,706 million as of September 30, 2021 (December 31, 2020: €2,123 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, 2020

 

Sep. 30, 2021

 

 

%

 

%

Germany

 

0.70

 

1.20

United States

 

2.10

 

2.50