Gender Pay Gap Reporting
The Gender Pay Gap Information Act 2021 will require companies to report the difference between the average pay of men and women regardless of their level of seniority within the organisation. The Act applies equally to both the public sector and the private sector.
For the first 2 years, only employers with more than 250 will be required to publish gender pay gap details. Employers who have 150 or more employees will be required to publish gender pay details in 2024 and from 2025, the Act will apply to employers who have more than 50 employees. The Act will not apply to employers who have less than 50 employees.
Employers with more than 250 employees will choose a ‘snapshot’ date of their employees in June 2022 and will report on the hourly gender pay gap for those employees on the same date in December 2022. Employers will be required to publish the following details:
- The difference in the average hourly pay between men and women including the difference between part-time male and female employees
- The difference in the median hourly pay between men and women including the difference between part-time male and female employees
- The difference in the average bonus pay between men and women
- The difference in the median bonus pay between men and women
- The percentage of male employees who received a bonus or benefit in kind in comparison to the percentage of female employees.
- The reasons for such differences.
- The measures being taken (if any) or proposed to be taken by the employer to eliminate or reduce such differences.
- The proportions of male and female employees in the lower, lower middle, upper middle and upper quartile pay bands.