With the widespread acknowledgement and support of International Women’s Day on Tuesday 8 March, gender pay equality and the number of women on Boards is a hot topic. It will be interesting to see whether the proposed introduction of compulsory gender pay reporting for employers with 250+ employees will materially affect the current 9.4% disparity in pay for full-time male and female employees. In summary, the draft regulations will require employers to provide an annual report detailing:
- the difference in mean pay between male and female staff;
- the difference in median pay between male and female staff;
- the differences in mean bonuses awarded and the proportion of men and women who receive bonuses; and
- the gender pay split between quartile pay bands.