Published: Fri, February 23, 2018
Business | By Max Garcia

Gender pay divide. Transparency is a welcome step

Gender pay divide. Transparency is a welcome step

Average hourly pay for women at Tenet was more than a quarter (28%) lower than men.

The mean gender pay gap in Barclays International, which houses the bank's investment banking unit, was 48 percent, Barclays said, meaning the average hourly wage for a woman was just under half that of a man. Meanwhile, 11% of Lloyd's employees work part time, of which 92% are women.

There has been improvement across financial services but progress has been slow within the industry, so we support the objectives and intent of the United Kingdom government in introducing gender pay gap reporting to drive equality in the workplace and in society more widely.

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.

Financial services firms' gender pay gaps have been trickling in, with just under 40 listed on the government's latest gender pay gap compilation.

Its gaps are driven predominantly by two factors: the higher proportion of men in more senior roles, and the higher proportion of women in more junior roles. The requirement was enshrined in the Equality Act of 2010, with the regulations coming into effect on April 5, 2017.

Tesco's gender pay gap is its first to be published under the mandatory reporting rules, which came into force last April for companies employing more than 250 staff.

"Reporting on our gender pay gap is an important step forward in tackling this long-standing and systemic issue", Ms. Beale said.

Barclays pays women in its global division on average half of what men earn, the British bank said on Thursday, underscoring how major financial firms still have far fewer female employees in senior roles.

"For the same role, regardless of gender, all our hourly paid colleagues are paid the same hourly rate and premium hourly rate", Tesco said in its report.

This imbalance of seniority is reflected in Tesco pay quartiles.

This is different to equal pay, which refers to men and women receiving equal pay for equal work. Of the FCA's top quartile of employees based on pay, 64% are men.

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.

NEW figures revealing the extent of the gender pay gap in many businesses across this country will make uncomfortable but necessary reading for many businesses.

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