Hours worked, salary and pension funds

Hours worked in Acea

The total number of ordinary and overtime hours worked during the year, excluding executives, was 7,743,334, of which 77.9% was attributable to male personnel; overall, this figure can be explained by the number of men in the workforce (75.7%) and the greater allocation of roles with responsibility (69.5% of executives are men). Analysing the overtime hours in detail, the influence of gender is even more evident: 93% of overtime is in fact attributable to men and only 7% to women (see also the sub-paragraph Remuneration). Days of absence totalled 89,167, a 1.4% increase compared to the preceding year (87,970 days), determined, for the most part, by absences due to illness, leave (for reasons of study, health etc.), maternity/paternity leave and trade union reasons (see Chart no. 36 and Table no. 39).

Chart no. 36 – Hours worked by the staff and absences (2018)

Grafico 36 - Le ore lavorate dal personale e le assenze (2018)

The employees can take various types of leave and forms of flexibility such as, for example, part-time, which in 2018 involved 2.5% of the staff, and the independent schedule for managers and the stage three workers, which permits a “customised” management of the work schedules, in compliance with the work duties anticipated by the contract. For employees who do not use the independent schedule, arrival and departure flexibility is anticipated, and, lastly, they are the workmen have a total number of monthly hours of leave available to collect during the times established.


The wages of employees are determined by applying the National Collective Bargaining Agreements of reference, excluding the executives and top management. The remuneration policy adopted by Acea applies merit-based principles to the operations on the fixed and variable components.
In 2018 the total gross average salary per capital increased 1.6% and comes to 44.3 thousand Euros (it was 43.6 thousand Euros in 2017); by including the executives as well, it comes to 46.6 thousand Euros (it was 45.8 thousand Euros in 2017) (see Table no. 39).

Chart no. 37 – Average salaries and the ratio of basic salary to renumeration (2018)

Chart no. 37 – Average salaries and the ratio of basic salary to renumeration (2018)

Looking at the data from the point of view of gender, it can be noted that the relationship between the “base salary” and the gross actual remuneration – including the “additional” elements which contribute to determining the total amount of the salary – in 2018 comes to 88% for female staff and 80% for male staff, in line with 2017 data. The activities remunerated with a greater additional compensation, such as on-call, shifts, allowances, overtime, are in fact mainly held by male staff (for example the work performed by the emergency services technicians who rotate in 24 hour shifts).

Pension funds and defined contribution plans

The principal supplemental pension funds for the employees of the Group are: Previndai, reserved for management, and Pegaso for non-management staff, to whom the CCNLs apply signed by Utilitalia for the companies of public utility of the electrical and gas-water segment.

The Pegaso fund is managed equally by Utilitalia – the Federation that unites the Companies operating in public services of water, the environment and electricity – and the trade organisations of the workers Filctem-Cgil, Femca-Cisl, Uiltec-Uil which established it.

In 2018, there were 2,540 employees of the Group belonging to the Pegaso Fund (2,447 in 2017). Acea paid approx. Euro 4.91 million of TFR and Euro 1.49 million of supplemental corporate contribution to the fund. The economic value committed by Acea for TFR and other defined benefit plans i Euro 103.9 million.
By analysing the distribution by gender of the Acea members in the Fund, 77.7% are men and 22.3% are women (see Table no. 39). The net assets of the fund destined for benefits reached Euro 1,009 million in 2018 (Euro 987 million in 2017), an increase of approx. 2%.

In 2018 all three segments – Balanced, Dynamic and Guaranteed – closed respectively with losses of 2%, 4.52% and 1.57%.
The performance of the TFR, used as benchmark of the Guarantee segment, was 1.86%.
The Balanced segment, which includes 82% of the capital, has had a cumulative “compound” return in the last 17 years of 88.05% (average annual compound return of 3.78%). During the same period, the accumulated revaluation of the TFR was 43.52% (average annual compound return of 2.15%).

Performance of the pegaso fund relative to the employees of the Acea group

Since 1999, the employees of the Acea Group have paid € 99 million into the Pegaso Fund, of which € 9 million in 2018.
During the year, the positions of the members almost reached the value of € 87 million from collections over time exceeding € 34 million. These positions are invested in the Balanced segment for 86% of the total amount, in the Dynamic segment for 6% and in the Guaranteed segment for 8%.
In the first 19 years of the Pegaso Fund, 3,123 disbursements (redemptions, pension benefits, advances and transfers) were paid to Acea employees, of which 1,841 requests for advances, 82 transfers and 1,202 payments of pension benefits.
In 2018, € 3.4 million were paid out for 154 requests for redemption or pension benefits, € 2 million were paid out for 192 requests for advances for personal needs to support healthcare costs, purchases or renovations of a primary residences, etc. and about € 86 thousand were paid out for 3 requests for transfer.
In 2018, the pension fund introduced the automatic risk reduction strategy known as the “life cycle” in order to support workers in managing their investment over time.
This new option entrusts the Fund with the task of changing the risk/return profile as the time horizon for retirement changes.
This way, thanks to a defined and automatic mechanism, at the end of the working period the member will be able to benefit from an investment profile appropriate to his/her investment horizon.
The Pegaso Fund adopts the Principles of Responsible Investment (PRI) promoted by the international community of institutional investors with the aim of incorporating the consideration of ESG issues (environmental, social and governance) in the investment.
In this respect, the implementation of EU directives will result in important impacts for supplementary pensions: IORP II (Institutions for occupational retirement provision), which provides for the consideration of exposure to ESG risks, and Shareholder Rights II, which should further commit the Fund due to new forecasts with respect to the exercise of voting rights by institutional investors.

NB: The data and information relative to the Pegaso Fund are prepared with the cooperation of Andrea Mariani, Director General of the Fund.


   2016   2017 2018
 men women total men women total men women total
regular  5,628,514 1,572,229 7,200,743 5,508,719 1,582,147 7,090,866 5,669,239 1,684,926 6,031,404
overtime 435,10136,531471,632405,15025,706430,856362,16527,004389,169
total hours worked 6,063,615 1,608,760 7,672,375 5,913,869 1,607,853 7,521,722 6,031,404 1,711,930 7,743,334 
sick leave 29,08712,39241,48329,18110,30239,48328,58412,14440,728
maternity/paternity 1,66312,73514,3981,14811,93913,0871,15910,30211,461
strike 62870777132909606138744
trade union leave 6,924924,0007,8487,0691,0518,1208,0761,0689,144
leave of absence 1,919794,0002,7131,7061,1452,8511,2881,1272,415
miscellaneous leave (study,          
health, bereavement and 17,5358,85426,38915,0358,48523,52015,7868,88924,675
general reasons)          
total days absent (excluding holidays and accidents) 57,19035,71192,90154,91633,05487,97055,49933,66989,167
managers  71,968   75,481  77,061
clerical workers  39,985   41,633  42,349
workmen  36,804   38,466  38,840
number    2016 (*)   2017   2018
≤25 years 1011011116016
> 25 years and . 30 years 24832271037381856
> 30 years and . 35 years 9933132962912510140141
> 35 years and . 40 years 173552281566221816969238
> 40 years and . 45 years 245713162176027722864292
> 45 years and . 50 years 414132546374130504349112461
> 50 years and . 55 years 430107537452101553459112571
> 55 years and . 60 years 41495509377110487386112498
> 61 years 112211332062923522740267
total 1,9125222,4341,9155322,4471,9735672,540

(*) The 2016 data includes the Pegaso members of Acea Gori Servizi (33 employees), Crea Gestioni (11 employees), Sogea (9 employees), companies not included in the 2017-2018 perimeter.