As of March 31, 2025, Covestro had 17,578 employees worldwide (December 31, 2024: 17,503). In the first quarter of 2025, personnel expenses were down slightly, by €4 million, on the prior-year quarter, declining to €553 million (previous year: €557 million), largely due to lower expenses for short-term variable compensation. This was set against a rise in expenses for long-term variable compensation and for severance payments.
| Employees by division1 | ||
|---|---|---|
| Dec. 31, 2024 | Mar. 31, 2025 | |
| Production | 12,092 | 12,197 |
| Marketing and distribution | 2,731 | 2,706 |
| Research and development | 1,336 | 1,334 |
| General administration | 1,344 | 1,341 |
| Total | 17,503 | 17,578 |
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. Board of Management members and employees in vocational training are not included.
Provisions for pensions and other post-employment benefits decreased to €315 million as of March 31, 2025 (December 31, 2024: €387 million). This was mainly due to a reduction in the measurement of obligations as a result of higher discount rates in Germany.
| Discount rate for pension obligations | ||
|---|---|---|
| Dec. 31, 2024 | Mar. 31, 2025 | |
| % | % | |
| Germany | 3.50 | 3.90 |
| United States | 5.40 | 5.20 |