Gender pay divide. Transparency is a welcome step

23 February, 2018, 02:02 | Author: Elaine Woods
  • Inga Beale CEO of Lloyd's of London

Gender pay gap measures the difference between men and women's earnings across the business by expressing women's pay as a percentage of men's pay.

Tesco said that its median gender pay gap is just 2.7%, if adjusted for these pay premiums.

Earlier this year it was revealed the mean hourly rate for women was 52% lower than for men at easyJet, while the figure stood at 33% lower at Virgin Money. Its lower pay quartile comprised 32.4% men and 67.6% women, while its upper quartile consisted of 59.3% men and 40.7% women.

Zurich U.K. General Services Ltd., a Fareham, England-based unit of Swiss insurer Zurich Financial Services Ltd., reported a mean hourly gender pay gap of 25.9% lower for women and a median gap of 26.3% lower; women's mean bonus pay is 45% lower and the median bonus pay is 27.6% lower; and 72% of Zurich's top quartile of employees based on pay are men.

The gender pay gap rises to 36.7% when comparing bonuses, according to a report published by Lloyd's on Wednesday as large and medium-size United Kingdom employers comply with a legislative requirement to publicly release information on pay differences.

"As one of the fastest growing businesses in the United Kingdom attracting and retaining talent is a key priority for us, and we are absolutely committed to ensuring our staff are paid fairly, irrespective of gender or any other aspect of diversity".

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"When we analysed the bonuses of full- and part-time colleagues on an equivalent basis - that is, taking into account pro-rating for part time colleagues - the overall bonus gap was lower (7.1%) which is similar to our overall gender pay gap", he explained. "But we also believe it is the right thing for our business and essential for our long-term future".

The figures come ahead of business regulation requiring all employers with 250 or more employees to publish their gender pay gap data by April.

As part of the process, businesses must upload a report onto a government website, as well as their own.

Among those with the biggest gender pay gap is clothing chain Phase Eight, where the hourly rate for women is 64.8% lower than their male counterparts, and tourism company TUI on 56.9%. "We recognise that tackling the gender pay gap will take time and therefore it is key that we remain focussed on improving gender diversity through a workplace environment and culture that supports and empowers women".

Thousands could receive back pay totalling £20,000 if the legal challenge demanding equal pay with men who work in Tesco's warehouses is successful.

Around three in four businesses are paying male employees more than their female colleagues, the latest Government data shows.

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