As of April 2017, new legislation came in that meant all companies residing in the United Kingdom (UK) with 250 or more employees had to provide specific data in a bid for transparency in regards to the gender pay gap in their respective organizations. The aim of this new regulation was not only to push larger companies towards gender equality but perhaps shame specific organizations into closing the gender pay gap. In no sector is the need for positive and equal change more prevalent than in finance, which has the largest median pay gap of any sector 28 percent.
Large banks are now required by law to publish their median and mean gender pay gaps, the proportion of men and women in each quartile of the pay structure as well as pay gaps in any bonuses paid out during the year in question. The gender pay gap is not to be confused with equal pay, but instead looks at all roles at all levels of an organization, rather than comparing pay received by men and women for the same role.
The figures overall paint a dark picture of the financial sector for equality and there is certainly room for vast improvement with women at some large UK banks earning a mean amount of just over sixty pence hourly for every one British pound a man makes. With that being said there still may be hope on the horizon. Major banks across the UK are setting themselves targets for the near future to close the gender gap at the very top of their organizations where the change is most drastically needed.
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In the following 5 chapters, you will quickly find the 29 most important statistics relating to "Gender pay gap in UK financial sector".