Gender pay gap reporting has become law
The government says the UK gender pay gap is at a record low of 18.1%, estimating that eliminating the gap could add £150 billion to annual GDP by 2025.
New legislation means that by April 2018 employers with more than 250 staff will have to publish specific details about the differences between men’s and women’s pay and bonuses as well as the proportion of men and women in the pay structure.
This reporting will allow employers to identify and close the gender pay gap.
There are three steps to gender pay gap reporting:
- You will need data on employees, their full pay and bonuses to calculate your figures. Figures are based on a specific date each year which the government calls a ‘snapshot date’. For public sector organisations this is 31st March and 5th April for businesses and charities.
- Gender pay gap needs to be calculated in hourly pay.
- Figures must be published on your website and the government’s website within a year of your organisation’s snapshot date. Businesses and charities have to publish a written statement signed by an ‘appropriate person’. The definition of an appropriate person varies according to the type of employer. For a corporate body (other than limited liability partnership) this is a director or equivalent.
To find out more about gender pay gap reporting, contact NWN Blue Squared.