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Remuneration and fringe benefits
Our employees are paid according to their specific tasks, their skills and qualifications and their performance. At the same time, employees in Germany benefit from the security and advantages of the collective agreement for the private insurance industry. 93% of our employees at the Hannover location are covered by the collective bargaining agreement. The remaining 7% can be attributed to some non-collective agreements with managers. Group-wide, 100% of employees in Brazil, Italy, France, Sweden and Spain are covered by collective bargaining agreements.
Our Code of Conduct, which is applicable worldwide, specifies that nobody may be disadvantaged on the basis of gender. Salary increases and promotions follow a clearly defined process. The individual promotion grades for staff employed in Germany are subject to transparent criteria published in the company's in-house intranet, which are also purely task- and skills-based.
Throughout our entire Group employees are selected without regard to their local origin. Rather, in order to fulfil the exacting quality standards of our complex reinsurance services, it is necessary to have a diverse range of experts from various disciplines and with a variety of cultural backgrounds working for us. Individuals from altogether 39 nations work at the Hannover location, for example.
Our company's expenditures for social security contributions and assistance amounted to altogether EUR 59.7 million in the year under review. Supplementary to individual and statutory retirement provision, employees in Germany who have been with us for longer periods of time are entitled to inclusion in the employer-funded retirement provision models. The amount of the funding contributions is determined by the individual salary levels and calculated according to the pay scale groups under the collective agreement.
Employees can accumulate further employee-funded occupational retirement provision by way of deferred compensation. In this case we pay the contributions from the employee's gross salary into the pension fund.
Furthermore, we offer our employees a number of additional voluntary benefits. All members of our company's staff are granted the same benefits in proportion to their working hours.
Performance appraisal targets are agreed for all managers in the context of our management system Performance Excellence 2.0. These are reflected not only in profit-oriented indicators but also in non-financial variables derived from the strategic targets.
Clear and transparent arrangements are just as important to us in the area of personnel recruitment. For a number of years now we have participated in the Fair Company initiative, a campaign supported by the publications Handelsblatt and Wirtschaftswoche for the fair employment of interns. As a "fair company", we undertake to comply with various fundamental principles, including for example not filling full-time positions with interns, volunteers, student employees or long-term temporary workers.