New government regulations come into effect today on Gender Pay Gap Reporting. The UK is one of the first countries in the world to require gender pay gap reporting, following the government’s commitment to introduce the requirement at the last general election.
Although the gender pay gap across the economy is at a record low of 18.1% according to Office of National Statistics , the new regulations will make an important contribution to eliminating it completely. Alongside published figures, companies will also be encouraged to share action plans that demonstrate the steps they will take to close the gender pay gap within their organisation.
From today all voluntary, private and public sector employers with 250 or more employees are required to publish:
- average gender pay gap figures (mean and median)
- the proportion of men and women in each quartile of the pay structure
- the gender pay gaps for any bonuses paid out during the year
Minister for Women and Equalities Justine Greening said:
Helping women to reach their full potential isn’t only the right thing to do, it makes good 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
Prior to the introduction of the new gender pay gap requirements, Virgin Money published its figures in the 2016 Annual Report released at the end of February, alongside an action plan to close the gap. Those details can be found in our Annual Report.