Salaries, costs and benefits

To attract and retain talented employees, AEGON believes it must offer competitive salaries and compensation packages. Employment costs for AEGON's total workforce amounted to EUR 2.04 billion in 2009, up from EUR 1.90 billion the year before. The increase was due mainly to a rise in employee benefit expenses in the United States.

 

Employment costs 2009

(EUR millions)

 

Unit

Total salaries

Other expenses

Total 2009

Total 2008

Change

Americas

760

298

1,058

889

+19%

Netherlands

268

244

512

539

-5%

United Kingdom

179

129

308

325

-5%

Other countries[1]

70

28

98

99

-1%

Holding & Others

34

25

59 

47

+26%

TOTAL

1,311

724

2,035

1,899

+7%

 

Increases in employment costs in the United States were primarily due to the significant negative 2008 returns on pensions assets in the company's defined benefit plans. Employment costs at the Holdings increased mainly due to a number of one off charges relating to returement benefits.

 

Employment costs per capita

(EUR)

Unit

2009

2008

Change

Americas

74,528

58,960

+26%

Netherlands

92,997

87,320

+7%

United Kingdom

63,452

62,633

+1%

AVERAGE TOTAL

71,716

60,441

+19%

 

In the Netherlands, AEGON has signed a new collective labor agreement with Dutch trade unions, which includes an increase in salaries for employees, as well as a new, more flexible payment and vacation system. This agreement covers all AEGON staff working in the Netherlands, approximately 20% of the company's total worldwide workforce.

 

[1] Other countries refers to AEGON's operations in Central & Eastern Europe, Spain, France, Latin America and Asia.