4.3.6Employee Benefit Expenses
Information with respect to employee benefits expenses are detailed as follows:
Note | 2024 | 2023 | |
|---|---|---|---|
Wages and salaries | (503) | (420) | |
Social security costs | (67) | (57) | |
Contributions to defined contribution plans | (40) | (39) | |
Contributions to defined benefit plans | (2) | (2) | |
Share-based payment cost | (30) | (26) | |
Contractors' costs | (212) | (197) | |
Other employee benefits | (140) | (100) | |
Total employee benefits | (995) | (842) |
Wages and salaries increased due to (i) FPSO Prosperity and FPSO Sepetiba joining the fleet during the last quarter of 2023 and early 2024 respectively, (ii) the full ramp-up on FPSO Almirante Tamandaré in December 2024 (before producing and being on hire) and (iii) the change in consolidation method of FPSOs N’Goma, Saxi Batuque and Mondo for the Operational scope.
Contractors’ costs include expenses related to contractor staff not on the Company’s payroll, linked to the Company’s strategy of aiming to maintain flexibility in its workforce management. Other employee benefits mainly include commuting, training, expatriate and other non-wage compensation costs.