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Staff expenses
 12 Months Ended
Dec. 31, 2023
Classes of employee benefits expense [abstract]  
Staff expenses 25  Staff expenses
Staff expenses
in EUR million
2023
2022
2021
Salaries
4,559
4,145
4,011
Pension costs and other staff-related benefit costs
418
390
408
Social security costs
635
584
563
Share-based compensation arrangements
31
26
31
External employees
776
738
699
Education
50
47
47
Other staff costs
256
222
182
6,725
6,152
5,941
Share-based compensation arrangements include EUR 31 million (2022: EUR 25 million; 2021: EUR 29
million) relating to equity-settled share-based payment arrangements and EUR 0 million (2022: EUR 1
million; 2021: EUR 2 million) relating to cash-settled share-based payment arrangements.
Number of employees
Netherlands
Rest of the world
Total
2023
2022
2021
2023
2022
2021
2023
2022
2021
Total average number of
internal employees at full
time equivalent basis
14,449
14,488
15,138
44,985
43,081
42,523
59,434
57,569
57,660
Remuneration of senior management, Executive Board and Supervisory Board
Reference is made to Note 46 'Related parties'.
Share plans
ING grants various types of share awards, namely deferred shares, performance shares and upfront shares,
which form part of the variable remuneration offering via the Long-term Sustainable Performance Plan
(LSPP). The entitlement to the LSPP share awards is granted conditionally. If the participant remains in
employment for an uninterrupted period between the grant date and the vesting date, the entitlement
becomes unconditional, with the exception of the upfront shares which are immediately vested upon grant.
Upfront and deferred shares awarded to the Management Board members of ING Group as well as identified
staff, have a retention obligation that must be adhered to upon vesting, typically a minimum retention of 12
months applies. ING has the authority to apply a holdback to awarded but unvested shares and a clawback
to vested shares
The share awards granted in 2023 relate to the performance year 2022. In 2023, 52,693 share awards
(2022: 55,651; 2021: 0) were granted to the members of the Executive Board of ING Groep N.V., and 172,103
share awards (2022: 137,506; 2021: 123,750) were granted to the Management Board Banking. To senior
management and other employees 3,244,951 share awards (2022: 2,913,926; 2021: 3,267,372) were
granted.
In 2022 and 2021, the obligations with regard to share plans are funded by newly issued shares at the
discretion of ING Group. As of 2023, shares are bought back from the market to fund share plans.
Changes in share awards
Share awards (in numbers)
Weighted average grant date
fair values (in euros)
2023
2022
2021
2023
2022
2021
Opening balance as at 1 January
3,699,555
3,674,672
3,878,219
7.97
7.60
7.25
Granted
3,469,747
3,107,083
3,391,122
9.71
8.99
9.69
Vested
-3,113,115
-2,962,698
-3,459,163
8.83
8.60
9.25
Forfeited
-158,387
-119,502
-135,506
8.54
7.63
7.61
Closing balance
3,897,800
3,699,555
3,674,672
8.81
7.97
7.60
As at 31 December 2023, the share awards consists of 3,897,800 share awards (2022: 3,201,579; 2021:
3,154,715) relating to equity-settled share-based payment arrangements and 0 share awards (2022:
497,976; 2021: 519,957) relating to cash-settled share-based payment arrangements.
The fair value of share awards granted is recognised as an expense under Staff expenses and is allocated
over the vesting period of the share awards. The fair value calculation takes into account the current share
prices, expected volatilities and the dividend yield of ING shares.
As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 15
million (2022: EUR 13 million; 2021: EUR 13 million). These costs are expected to be recognised over a
weighted average period of 2.0 years (2022: 1.9 years; 2021: 1.7 years).