Employees and Pension Obligations
As of September 30, 2024, Covestro had 17,545 employees worldwide (December 31, 2023: 17,520). In the third quarter of 2024, personnel expenses were down €35 million on the corresponding prior-year quarter, declining to €491 million (previous year: €526 million), largely due to lower expenses for short- and long-term variable compensation.
| Employees by division1 | ||
|---|---|---|
| Dec. 31, 2023 | Sep. 30, 2024 | |
| Production | 11,947 | 12,108 |
| Marketing and distribution | 2,860 | 2,751 |
| Research and development | 1,338 | 1,341 |
| General administration | 1,375 | 1,345 |
| Total | 17,520 | 17,545 |
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 €374 million as of September 30, 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 in Germany.
| Discount rate for pension obligations | ||
|---|---|---|
| Dec. 31, 2023 | Sep. 30, 2024 | |
| % | % | |
| Germany | 3.30 | 3.50 |
| United States | 4.70 | 4.70 |