Employees and Pension Obligations
As of March 31, 2024, Covestro had 17,543 employees worldwide (December 31, 2023: 17,520). Personnel expenses were down slightly, by €8 million, from the prior-year quarter to €557 million in the first quarter of 2024 (previous year: €565 million).
| Employees by division1 | ||
|---|---|---|
| Dec. 31, 2023 | Mar. 31, 2024 | |
| Production | 11,947 | 11,991 |
| Marketing and distribution | 2,860 | 2,853 |
| Research and development | 1,338 | 1,341 |
| General administration | 1,375 | 1,358 |
| Total | 17,520 | 17,543 |
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 €421 million as of March 31, 2024 (December 31, 2023: €464 million). This was mainly due to a reduction in the measurement of obligations as a result of higher discount rates.
| Discount rate for pension obligations | ||
|---|---|---|
| Dec. 31, 2023 | Mar. 31, 2024 | |
| % | % | |
| Germany | 3.30 | 3.40 |
| United States | 4.70 | 5.00 |