Gender pay: New legislation introduced in 2018 requires large employers (250 employees or more) to publish their overall mean and median gender pay gaps.
There was a high volume of media coverage last year in anticipation of the results being published for the first time. However, this year the media doesn’t seem to be building the same amount of hype around the statistics. Regardless, the deadline is fast approaching and companies should ensure that they have submitted their 2018 statistics by 4 April 2019.
We can assist with providing guidance on what statistic you should be publishing and/or drafting the commentary to publish with the statistics.
Executive pay: New Government regulations issued on 1 January 2019 oblige large companies (250 employees or more) to disclose, annually, the ratio of their CEO’s pay to the median, lower-quartile and upper quartile of their employees.
The new regulations are part of a new Government initiative in which the gender pay gap was introduced in 2018, in response to concerns that some CEOs’ pay may have been “out-of-step” with company performance.
Statistics for the year 2019 must be reported early in 2020 and so companies need to start thinking about this now. If you would like further information in relation to this please get in touch.
Ethnicity pay: A Government consultation on ethnicity pay-reporting closed on 11 January 2019. In future updates we will bring you more information about the relevant requirements. Along with new legislation on gender and CEO pay gap-reporting, companies should also think about preparing for upcoming reforms in ethnicity pay gap-reporting.