Notes to the consolidated financial statements (IFRS)

EUR million 1 Jan–31 Dec 2014 1 Jan–31 Dec 2013
Wages and salaries 631.6 674.0
Pension costs - defined contribution plans 74.6 78.9
Pension costs - defined benefit plans 1) 3.8 2.2
Other pay-related statutory social costs 111.4 121.7
Share-based payments    
Stock option related costs 0.1 0.9
Performance Share Plan costs 2.3 1.3
Other personnel costs 22.2 44.7
  846.0 923.7
Employee benefit expenses include restructuring costs and other termination benefits EUR 30 (47) million.
Equity settled share-based payment transactions recognized in the income statement are based on the fair value of the instrument which is measured using the Black & Scholes option pricing model. The counter-entry to the expense entered in the income statement is retained earnings, and therefore the expense has no effect on total equity.