Gender pay gap reporting begins for larger businesses
Firms with more than 250 employees are now legally required to publish figures relating to how they pay their male and female workers
Gender pay gap reporting has begun, with businesses who have over 250 staff now legally required to publish data relating to how they pay their male and female workers.
Relevant companies must publish all figures by April 2018, and its estimated that as much 9,000 employers and 15 million employees will be affected.
The UK gender pay gap currently stands at 18.1% for all workers and 9.4% for full-time staff.
As part of the new regulations, employers will be required to:
- Publish their median gender pay gap figures
- Publish their mean gender pay gap figures
- Publish the proportion of men and women in each quartile of the pay structure
- Publish the gender pay gaps for any bonuses paid out during the year
Justine Greening, minister for women and equalities, said:
“We have more women in work, more women-led businesses than ever before and the highest proportion of women on the boards of our biggest companies. This has helped us to narrow the gender pay gap to a record 18.1%– but we want to eliminate it completely.
“Helping women to reach their full potential isn’t only the right thing to do, it makes good economic sense and is good for British business. I am proud that the UK is championing gender equality and now those employers that are leading the way will clearly stand out with these requirements.”
For more information on gender pay gap reporting, click here.