Wages and salaries increased by € 1.6 million in 2022. This increase was the result of the indexation effective 1 July 2022, annual personnel salary increases, increased pension contributions and the relatively high salary level of newly recruited personnel.

Costs for temporary staff increased by € 0.8 million in 2022. These extra temporary staff were primarily used to fill vacancies and in the execution of projects.

The pension expenses attributed to the financial year under review can be specified as a follows:

In accordance with the Dutch pension system, this pension plan is financed through contributions (premiums) to an industry pension fund. For Bouwinvest, this is APG’s Ondernemingspensioenfonds (OPF).

The accrued pension entitlements are always fully funded in the calendar year in question via – at the very least – cost-effective premium payments. The pension plan is a career average plan, with a single payment scheme, for both active and inactive (sleepers and retired persons) participants. The granting of supplements (indexation) depends on the investment return. The pension premium for the basic pension plan amounted to 27.0% of the pensionable salary in 2022 (2021: 28.4%), with a maximum of € 114,866 (2021: € 112,189). The annual employee contribution is at least 1.75% (2021: 1.75%) and was capped at 4.2% (2021: 4.2%) of the gross salary. The Management Board of the industry pension fund determines the contribution each year on the basis of the coverage ratio and expected returns. In addition to this basic scheme, which is mandatory for every Bouwinvest employee, Bouwinvest also has a net pension scheme (Netto Pensioen Regeling - NPR), which is offered to employees with a total fixed income above the mandatory limit of € 114,866 (2021: € 112,189). Bouwinvest pays a gross amount equivalent to the maximum deposit in a net pension scheme. Participation in the net pension scheme is voluntary.

The industry pension fund in question has stated that its coverage ratio was 126.7% in 2022 (2021: 111.9%). On the basis of the agreed pension scheme, the group has no obligation to make additional contributions in the event of a deficit, other than in the form of higher future contributions.

Employees

The number of employees stood at 209.8 FTEs at year-end 2022 (2021: 196.6 FTEs). The average number of employees in 2022 was 203 FTEs (2021: 194 FTEs). The number of employees working abroad was four at the end of 2022 (2021: three).

Management Board and Supervisory Board remuneration

In 2022, Bouwinvest paid total remuneration of € 2.8 million (2021: € 2.1 million) to the members of the Management Board (statutory and titular). Of this, € 1.6 million was allocated to the statutory directors (2021: € 1.0 million).   

In 2022, Bouwinvest paid total remuneration of € 164,587 (2021: € 158,648) to the members of the Supervisory Board of the legal entity.