Larger Businesses Must Now Publish Gender Pay Gap Figures
Firms with over 250 staff members are required to submit their reports on how they pay male and female workers by April 2018
UK businesses with more than 250 staff must now publish how much they pay their male and female workers, as new government legislation comes into effect.
Its estimated that gender pay gap reporting will affect 9,000 employers with over 15 million employees – with relevant firms required to submit all data by April 2019.
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
It’s hoped that such transparency into how companies pay their male and female workers will help end the gender pay gap – which currently stands at 18.1%.
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.