Annual Report 2020

16 Personnel Expenses

in € million

2019

2020

 

 

 

Wages and salaries

436.7

488.0

Social security, pensions and other employee benefits

99.0

106.9

 

535.7

594.9

 

 

The personnel expenses include expenses for severance payments in the amount of € 3.6 million (2019: € 3.1 million), allocations to the provisions for pre-retirement part-time work arrangements in the amount of € 0.4 million (2019: € 2.3 million) and expenses for the long-term incentive plan (LTIP) at € 17.5 million (2019: € 15.3 million) (see chapter [E38] Provisions).

In the fiscal year under review, employers’ contributions to statutory pension insurance amounted to € 41.4 million (2019: € 37.9 million).

As of December 31, 2020, Vonovia had 10,622 employees (Dec. 31, 2019: 10,345) with the annual average coming to 10,572 employees (2019: 10,114). Vonovia also employed 510 apprentices as of December 31, 2020 (Dec. 31, 2019: 473).