8. Employee benefit expenses

Employee benefits

8. EMPLOYEE BENEFIT EXPENSES
     
EUR million 1 Jan–31 Dec 2016 1 Jan–31 Dec 2015
Wages and salaries 622.4 624.9
Pension costs - defined contribution plans 70.5 72.3
Pension costs - defined benefit plans 1) -1.2 3.3
Other pay-related statutory social costs 112.9 109.0
Share-based payments
Stock option related costs 0.0 0.1
Performance Share Plan costs 3.3 2.6
Other personnel costs 19.2 16.1
  827.1 828.3
 
 
Employee benefit expenses include restructuring costs and other termination benefits EUR 11 (31) 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.