7. Employees and Pension Obligations

As of June 30, 2024, the Covestro Group had 17,509 employees worldwide (December 31, 2023: 17,520). In the first half of 2024, personnel expenses were down €25 million, dropping to €1,109 million (previous year: €1,134 million), largely due to lower expenses for variable compensation.

¹ The number of employees on either permanent or temporary contracts is stated in full-time equivalents (FTEs). 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 €363 million (December 31, 2023: €464 million). This was mainly due to actuarial gains as a result of higher discount rates.