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Gateley Holdings Plc

The gender pay gap reporting deadline is approaching

In April 2017 we wrote about the introduction of new lawrequiring certain organisations to publish information about their gender pay gap. Almost a year on and the first reporting deadline is fast approaching. All private and voluntary sector employers with 250 or more employees must report on a range of gender pay gap information by 4 April 2018. This report must then be published annually.

So far, only 8% of employers required to publish a report have done so. However, the pay gaps at these employers have been significantly better than what had been expected by the Office of National Statistics. This suggests that those with less than impressive results have yet to publish and we may see a flurry of less favourable reports as the deadline approaches.

What is the gender pay gap?

The gender pay gap is a calculation which shows whether there are differences in the pay between male and female employees. If the calculation produces a positive figure, this would indicate that the average pay for men is more than that for women. Conversely, a negative figure indicates that women’s average pay is more than men’s.

What must the report contain?

The gender pay gap report must contain the following information:

  • overall gender pay gap figures for relevant employees, calculated using both the mean and median average hourly pay;
  • the amount of men and women in each pay band to show how the gap differs at different levels of seniority;
  • information on the bonus gap between the mean and median bonus pay of men and women over a 12 month period;
  • the proportion of male and female employees who received a bonus in the same 12 month period; and
  • a written statement confirming that the information is accurate signed by a senior individual at the company (usually a director).

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.