BUSINESSNEWS
Tackling the gender pay gap
A new online tool that allows the public to find out the gender pay gap for their occupation has been launched by the Minister for Women and Equalities , Justine Greening . Created by the government and the Office for National Statistics , it shows construction and building trades , and financial managers and directors have the highest gender pay gaps .
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THE ONLINE TOOL LAUNCHED AS details of how large employers will have to report their gender pay and gender bonus pay gaps from April , were also published . The regulations , which will affect almost 8,000 employers with around 11 million employees , will shine a light on workplace practices that could be preventing women from reaching the top in their organisations .
This data will help employers to see where they have further to go in attracting more women into their industry or to support them so that are not held back by caring responsibilities or gender stereotypes .
The benefits of helping women to unlock their talents are huge – eliminating workrelated gender gaps could add £ 150 billion to our annual GDP in 2025 . That is an opportunity that neither Government nor businesses can afford to ignore .
‘ we need to shine a light on our workplaces to see where there is more to do ’
Minister for Women and Equalities Justine Greening said : “ Britain has the lowest gender pay gap on record , there are more women in work than ever before , more women-led businesses than ever before and there are now women on every board in the FTSE 100 .
“ But if we are to help women to reach their potential and eliminate the gender pay gap , we need to shine a light on our workplaces to see where there is more to do . This tool will empower both men and women to challenge this issue in their profession and help people to make more informed decisions about their career .
“ Employers must play their part in this too and take action to tackle the gender pay gap in their organisation . That ’ s why we are requiring large employers to publish their gender pay and gender bonus pay gaps for the first time ever and our regulations mean they can start getting ready to report from April .”
WHAT IS THE GENDER PAY GAP ?
The gender pay gap is an equality measure that shows the difference in average earnings between women and men . At 18.1 %, the gender pay gap for all employees is the lowest since records began in 1997 . The gender pay gap does not show differences in pay for comparable jobs . Unequal pay for men and women has been illegal for 45 years .
The gender pay gap for millennials in their 20s has halved in a generation to just 5 per cent , but much of that progress looks set to be undone with early signs showing that the gender pay gap continues to escalate as women enter their 30s and 40s .
This suggests that millennial women will still earn significantly less than their male counterparts over their careers , according to new analysis published by the Resolution Foundation as part of its Intergenerational Commission .
This reflects positive trends , including rising higher educational participation which women in particular have benefited from , and more women breaking into high-paying industries and occupations .
However this analysis also highlights that key challenges remain , notably the enduring pay penalty associated with having children . The Foundation says that as men and women work for longer , tackling the gender pay gap at all stages of women ’ s careers will hold the key to reducing the lifetime earnings penalty they continue to face .
This means action to address the fact that having children carries such a sharp and
long-lasting pay penalty , and exploring how both women and men can maintain or start new careers in later life , particularly if they work into their 70s .
WHAT IS THE GOVERNMENT DOING TO TACKLE THE GENDER PAY GAP ?
As well as requiring large employers to publish their gender pay and gender bonus pay gaps , the Government is :
• Working with business to have 33 per cent of women on boards by 2020 and eliminate all-male boards in the FTSE 350 ; and
• Doubling the amount of free childcare available to working parents of three and four year olds , helping to remove the barriers that can prevent women from returning to the workplace .
‘ The gender pay gap for millennials in their 20s has halved in a generation to just 5 per cent , but much of that progress looks set to be undone ’
This builds on the changes Government has already introduced to support women in the workplace , including :
• Extending the right to request flexible working to all employees ;
• Introducing a new system of flexible parental leave ;
• Supporting women ’ s enterprise by helping female entrepreneurs start up and grow their own business ; and
• Increasing the National Living Wage , of which two-thirds of recipients are women .
http :// visual . ons . gov . uk / find-out-thegender-pay-gap-for-your-job /
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