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Employees (Tables)

12 Months Ended

Dec. 31, 2023

Classes of employee benefits expense [abstract]

Summary of Staff Cost, Average Number of Employees and Key Management Compensation

4A. Staff and management costs

			€ million			€ million			€ million
Staff costs			2023			2022			2021
Wages and salaries			(5,722)			(5,857)			(5,062)
Social security costs			(591)			(587)			(529)
Other pension costs			(348)			(396)			(401)
Share-based compensation costs			(212)			(177)			(161)
			(6,873)			(7,017)			(6,153)
			‘000			‘000			‘000
Average number of employees during the year (a)			2023			2022			2021
Asia Pacific Africa			64			73			84
The Americas			38			38			37
Europe			26			27			28
			128			138			149
(a)Reduction in average number of employees is primarily driven by disposal of ekaterra in 2022.

			€ million			€ million			€ million
Key management compensation			2023			2022			2021
Salaries and short-term employee benefits			(41)			(41)			(29)
Share-based benefits(a)			(13)			(15)			(10)
			(54)			(56)			(39)
Of which: Executive Directors			(13)			(12)			(8)
Other(b)			(41)			(44)			(31)
Non-Executive Directors’ fees			(2)			(2)			(2)
			(56)			(58)			(41)

(a)Share-based benefits are expenses recognised for the period. Share-based benefits compensation on a vesting basis is €8 million (2022: €12 million; 2021: €6 million).

(b)Other includes all members of the Unilever Leadership Executive, other than Executive Directors.

Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans

The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit plans (representing approximately 96% of total pension liabilities and other post-employment benefit liabilities). 

			31 December 2023									31 December 2022
			Defined benefit pension plans			Other post- employment benefit plans						Defined benefit pension plans			Other post- employment benefit plans
Discount rate			4.4		%	5.9		%				4.6		%	5.9		%
Inflation			2.8		%	n/a						2.8		%	n/a
Rate of increase in salaries			3.4		%	2.9		%				3.3		%	3.0		%
Rate of increase for pensions in payment (where provided)			2.6		%	n/a						2.4		%	n/a
Rate of increase for pensions in deferment (where provided)			2.8		%	n/a						2.6		%	n/a
Long-term medical cost inflation			n/a			5.5		%				n/a			5.1		%

For the most material other post-employment benefit plan in the US a higher initial level of medical cost inflation is assumed which falls from the initial rate of 7% to the long-term rate of 5% after 8 years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans.

4B. Pensions and similar obligations continued

For the UK and Netherlands pension plans, representing approximately 66% of all defined benefit pension liabilities, the assumptions used at 31 December 2023 and 2022 were:

			United Kingdom									Netherlands
			2023			2022						2023			2022
Discount rate			4.7		%	5.0		%				3.2		%	3.7		%
Inflation			3.0		%	3.1		%				2.1		%	2.2		%
Rate of increase in salaries			3.6		%	3.6		%				2.6		%	2.7		%
Rate of increase for pensions in payment (where provided)			2.8		%	2.9		%				2.1		%	2.2		%
Rate of increase for pensions in deferment (where provided)			2.8		%	2.9		%				2.1		%	2.2		%
Number of years a current pensioner is expected to live beyond age 65:
Men			21.5			21.8						21.9			21.8
Women			23.1			23.6						24.1			24.0
Number of years a future pensioner currently aged 45 is expected to live beyond age 65:
Men			22.4			22.9						23.9			23.8
Women			24.2			24.8						26.1			26.0

Summary of Charge to Operating Profit

The charge to the income statement comprises:

						€ million			€ million			€ million
			Notes			2023			2022			2021
Charged to operating profit:
Defined benefit pension and other benefit plans:
Gross service cost						(128)			(186)			(228)
Employee contributions						11			12			13
Special termination benefits						(14)			(11)			(15)
Past service cost including (losses)/gains on curtailments						3			–			18
Settlements						2			1			1
Defined contribution plans						(222)			(212)			(190)
Total operating cost			4A			(348)			(396)			(401)
Finance income/(cost)(a)			5			110			44			(10)
Net impact on the income statement (before tax)						(238)			(352)			(411)

(a)This includes the impact of interest on asset ceiling.

Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability

Amounts recognised in the statement of comprehensive income on the remeasurement of the surplus/(deficit).

			€ million			€ million			€ million
			2023			2022			2021
Return on plan assets excluding amounts included in net finance income/(cost)			131			(6,483)			1,958
Change in asset ceiling excluding amounts included in finance cost			(6)			(184)			(17)
Actuarial gains/(losses) arising from changes in demographic assumptions			98			(24)			(4)
Actuarial gains/(losses) arising from changes in financial assumptions			(552)			6,914			342
Experience gains/(losses) arising on pension plan and other benefit plan liabilities			(416)			(760)			126
Total of defined benefit costs recognised in other comprehensive income			(745)			(537)			2,405

Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date

The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:

			€ million 2023									€ million 2022
			Pension plans			Other post- employment benefit plans						Pension plans			Other post- employment benefit plans
Fair value of assets			20,174			4						19,361			6
Present value of liabilities			(17,174)			(348)						(16,199)			(365)
Computed surplus/(deficit)			3,000			(344)						3,162			(359)
Irrecoverable surplus(a)			(255)			–						(234)			–
Surplus/(deficit)			2,745			(344)						2,928			(359)
Of which in respect of:
Funded plans in surplus:
Liabilities			(13,739)			–						(12,030)			–
Assets			17,775			–						16,524			–
Aggregate surplus			4,036			–						4,494			–
Irrecoverable surplus(a)			(255)			–						(234)			–
Surplus/(deficit)			3,781			–						4,260			–
Funded plans in deficit:
Liabilities			(2,715)			(39)						(3,417)			(39)
Assets			2,399			4						2,837			6
Surplus/(deficit)			(316)			(35)						(580)			(33)
Unfunded plans:
Pension liability			(720)			(309)						(752)			(326)

(a)A surplus is deemed recoverable to the extent that the Group is able to benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans.

Summary of Movements in Assets

The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure.

Movements in assets during the year:

									Rest of			€ million									Rest of			€ million
			UK			Netherlands			world			2023 Total			UK			Netherlands			world			2022 Total
1 January fair value of assets			8,704			5,343			5,320			19,367			14,332			6,099			6,262			26,693
1 January irrecoverable surplus			–			–			(234)			(234)			–			–			(50)			(50)
1 January (after irrecoverable surplus)			8,704			5,343			5,086			19,133			14,332			6,099			6,212			26,643
Employee contributions			–			–			11			11			1			–			11			12
Settlements			–			–			(1)			(1)			–			–			–			–
Actual return on plan assets (excluding amounts in net finance income/charge)			(227)			146			212			131			(4,870)			(668)			(945)			(6,483)
Change in asset ceiling excluding amounts included in interest expenses			–			–			(6)			(6)			–			–			(184)			(184)
Interest income(a)			432			194			233			859			264			66			166			496
Employer contributions			50			9			348			407			66			8			229			303
Benefit payments			(459)			(178)			(485)			(1,122)			(511)			(161)			(512)			(1,184)
Other (b)			–			–			371			371			–			(1)			(1)			(2)
Currency retranslation			179			–			(39)			140			(578)			–			110			(468)
31 December (after irrecoverable surplus)			8,679			5,514			5,730			19,923			8,704			5,343			5,086			19,133
31 December irrecoverable surplus			–			–			(255)			(255)			–			–			(234)			(234)
31 December fair value of assets			8,679			5,514			5,985			20,178			8,704			5,343			5,320			19,367

(a)This includes the impact of interest on asset ceiling.

(b)The majority of 'Other' during 2023 is explained by reclassification of India HUL and GSK Provident Funds from Defined Contribution to Defined Benefit reporting adding €368 million to both assets and liabilities at year end 2023. The impact on the overall (deficit)/surplus is nil.

Summary of Movements in Liabilities

Movements in liabilities during the year:

									Rest of			€ million									Rest of			€ million
			UK			Netherlands			world			2023 Total			UK			Netherlands			world			2022 Total
1 January			(6,838)			(3,734)			(5,992)			(16,564)			(11,453)			(4,937)			(7,260)			(23,650)
Gross service cost			(42)			(5)			(81)			(128)			(86)			(4)			(96)			(186)
Special termination benefits			–			–			(14)			(14)			–			–			(11)			(11)
Past service costs including losses/(gains) on curtailments			–			–			3			3			–			–			–			–
Settlements			–			–			3			3			–			–			1			1
Interest cost			(335)			(135)			(279)			(749)			(210)			(54)			(188)			(452)
Actuarial gain/(loss) arising from changes in demographic assumptions			104			–			(6)			98			1			(50)			25			(24)
Actuarial gain/(loss) arising from changes in financial assumptions			(243)			(236)			(73)			(552)			4,196			1,527			1,191			6,914
Actuarial gain/(loss) arising from experience adjustments			(220)			(99)			(97)			(416)			(276)			(377)			(107)			(760)
Benefit payments			459			178			485			1,122			511			161			512			1,184
Other(a)			–			–			(371)			(371)			–			–			15			15
Currency retranslation			(135)			–			181			46			479			–			(74)			405
31 December			(7,250)			(4,031)			(6,241)			(17,522)			(6,838)			(3,734)			(5,992)			(16,564)

(a)The majority of 'Other' during 2023 is explained by reclassification of India HUL and GSK Provident Funds from Defined Contribution to Defined Benefit reporting adding €368 million to both assets and liabilities at year end 2023. The impact on the overall (deficit)/surplus is nil.

Summary of Movements in (Deficit)/Surplus

Movements in (deficit)/surplus during the year:

									Rest of			€ million									Rest of			€ million
			UK			Netherlands			world			2023 Total			UK			Netherlands			world			2022 Total
1 January			1,866			1,609			(906)			2,569			2,879			1,162			(1,048)			2,993
Gross service cost			(42)			(5)			(81)			(128)			(86)			(4)			(96)			(186)
Employee contributions			–			–			11			11			1			–			11			12
Special termination benefits			–			–			(14)			(14)			–			–			(11)			(11)
Past service costs including losses/(gains) on curtailments			–			–			3			3			–			–			–			–
Settlements			–			–			2			2			–			–			1			1
Actual return on plan assets (excluding amounts in net finance income/charge)			(227)			146			212			131			(4,870)			(668)			(945)			(6,483)
Change in asset ceiling excluding amounts included in interest expenses			–			–			(6)			(6)			–			–			(184)			(184)
Interest cost			(335)			(135)			(279)			(749)			(210)			(54)			(188)			(452)
Interest income(a)			432			194			233			859			264			66			166			496
Actuarial gain/(loss) arising from changes in demographic assumptions			104			–			(6)			98			1			(50)			25			(24)
Actuarial gain/(loss) arising from changes in financial assumptions			(243)			(236)			(73)			(552)			4,196			1,527			1,191			6,914
Actuarial gain/(loss) arising from experience adjustments			(220)			(99)			(97)			(416)			(276)			(377)			(107)			(760)
Employer contributions			50			9			348			407			66			8			229			303
Benefit payments			–			–			–			–			–			–			–			–
Other			–			–			–			–			–			(1)			14			13
Currency retranslation			44			–			142			186			(99)			–			36			(63)
31 December			1,429			1,483			(511)			2,401			1,866			1,609			(906)			2,569

(a)This includes the impact of interest on asset ceiling.

Summary of Movements in Irrevocable Surplus

Movements in irrecoverable surplus during the year:

Rest of

€ million

Rest of

€ million

UK

Netherlands

world

2023 Total

UK

Netherlands

world

2022 Total

1 January

–

–

(234)

(234)

–

–

(50)

(50)

Interest income

–

–

(7)

(7)

–

–

2

2

Change in irrecoverable surplus in excess of interest

–

–

(6)

(6)

–

–

(184)

(184)

Currency retranslations

–

–

(8)

(8)

–

–

(2)

(2)

31 December

–

–

(255)

(255)

–

–

(234)

(234)

Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants

The duration of the principal defined benefit plan liabilities (representing 96% of total pension liabilities and other post-employment benefit liabilities) and the split of liabilities between different categories of plan participants are:

									Rest of												Rest of
			UK			Netherlands			world(a)			2023 Total			UK			Netherlands			world(a)			2022 Total
Duration (years)			12			14			10			0 to 22			13			15			11			4 to 18
Active members			7		%	7		%	23		%	12		%	8		%	8		%	19		%	11		%
Deferred members			31		%	38		%	14		%	27		%	31		%	38		%	14		%	28		%
Retired members			62		%	55		%	63		%	61		%	61		%	54		%	67		%	61		%

(a)Rest of world numbers shown are weighted averages by liabilities.

Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits

			€ million															€ million
			31 December 2023															31 December 2022
			UK			Netherlands			Rest of world			2023 Total						UK			Netherlands			Rest of world			2022 Total
Total Pension Plans Assets			8,679			5,514			5,981			20,174						8,704			5,343			5,314			19,361
Equities Total			224			1,095			1,424			2,743						284			983			1,363			2,630
– Europe			43			171			431			645						61			165			440			666
– North America			133			670			617			1,420						160			604			594			1,358
– Other			48			254			376			678						63			214			329			606
Fixed Income Total			6,640			3,521			3,344			13,505						5,757			3,269			2,696			11,722
– Government bonds			4,773			1,461			1,546			7,780						3,795			1,297			1,215			6,307
– Investment grade corporate bonds			791			620			1,197			2,608						871			530			905			2,306
– Other Fixed Income			1,076			1,440			601			3,117						1,091			1,442			576			3,109
Derivatives			(237)			145			16			(76)						(333)			254			18			(61)
Private Equity			559			95			36			690						500			90			40			630
Property and Real Estate			674			321			412			1,407						930			422			387			1,739
Hedge Funds			136			–			69			205						225			–			76			301
Other			683			337			391			1,411						1,341			325			317			1,983
Other Pension Plans			–			–			289			289						–			–			417			417
Other Post-Employment Benefit Plans Assets			–			–			4			4						–			–			6			6
Total Assets			8,679			5,514			5,985			20,178						8,704			5,343			5,320			19,367

Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions

The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:

									Change in liabilities
			Change in assumption						UK			Netherlands			Total
Discount rate			Increase by 0.5%						-6		%	-7		%	-5		%
Inflation rate			Increase by 0.5%						4		%	8		%	5		%
Life expectancy			Increase by 1 year						4		%	4		%	4		%
Long-term medical cost inflation(a)			Increase by 1.0%						n/a			n/a			4		%

(a)Long-term medical cost inflation only relates to post-retirement medical plans and its impact on these liabilities.

Schedule of Cash Flow in Respect of Pensions and Similar Post-Employment Benefits

The table below sets out these amounts:

			€ million			€ million			€ million			€ million
			2024 Estimate			2023			2022			2021
Company contributions to funded plans:
Defined Benefit (a)			70			291			176			286
Defined Contribution			225			222			212			190
Benefits paid by the Company in respect of unfunded plans:
Defined Benefit			110			116			127			108
Group cash flow in respect of pensions and similar benefits			405			629			515			584

(a)The Group contributed a one-off contribution of $110 million into the US Pension Plan in 2023.
The Group is due to receive a partial refund of €115 million from the Netherlands Plan in 2024, per a formal agreement with the Plan allowing a return of surplus provided specific funding conditions are satisfied.
Following conclusion of the 2022 triennial valuation of the UK pension fund, the Group, in agreement with the Trustees, implemented an updated Schedule of Contributions. Deficit contributions to this fund will continue to be nil for the next few years.

Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information

A summary of the status of the Performance Share Plans as at 31 December 2023, 2022 and 2021 and changes during the years ended on these dates is presented below:

			2023			2022			2021
			Number of shares			Number of shares			Number of shares
Outstanding at 1 January			17,923,890			14,318,564			11,371,436
Awarded			7,479,544			10,032,321			7,667,929
Vested			(2,021,439)			(3,101,598)			(3,425,232)
Forfeited			(2,052,057)			(3,325,397)			(1,295,569)
Outstanding at 31 December			21,329,938			17,923,890			14,318,564

			2023			2022			2021
Share award value information
Fair value per share award during the year			€45.71			€41.56			€47.64

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