Views sought on closing gender pay gap
The UK Government is seeking views from financial institutions on pay differences between male and female employees.
Financial institutions across the country are being called on to respond to a major UK Government consultation on how to close the gender pay gap.
The government says latest figures show the gender pay gap is at its lowest rate on record, and there are more women at work than ever before. However, it added that there still remains a 40.16 per cent pay gap between the average salaries of men and women based on hourly rates in the financial sector, which is double the national average of 19.1 per cent.
The consultation, which closes on 6 September is exploring how the new regulations on gender pay gap reporting will be designed, including what, where and when information will be published.
It is also seeking views on what more can be done to encourage girls to consider the widest range of careers, support parents returning to work and help women of all ages reach their full potential and have the security of a well-paid job.
Have your say on the Closing the Gender Pay Gap consultation.
Tackling the issue
Last month, Prime Minister David Cameron, announced that organisations with more than 250 employees will have to publish the difference in pay between men and women as part of the government's ambition to end the gender pay gap in a generation.
Minister for Women, Equalities and Family Justice, Caroline Dinenage, said: "We have more women in work than ever before but the stubborn pay gap between men and women still persists.
"By taking steps to tackle this and increase transparency, employers can retain real talent. This isn't just common sense, it makes good business sense too."
The government said one financial firm that is already working hard to support women achieve their potential is RBS. It has introduced clear targets for the gender make-up of the senior population, an active Focused Women's Network and greater sponsorship, training and development opportunities their female staff.
Elaine Arden, RBS Chief HR Officer, said: "We are committed to working for change in this area and are pleased to be able to comment on the proposals. I would encourage others to do the same.
"Many companies will not even know they have a gender pay gap. Greater transparency can therefore encourage employers to think about what may be causing this, and how they can help tackle it."
Source: UK Government