Since 2017, it has been compulsory for all companies in the UK with over 250 employees to publish the difference between the pay and bonuses of their male and female employees.
The gender pay gap looks at all roles at all levels of an organisation. It is not to be confused with equal pay, which looks at pay received by men and women for the same role. Equal pay for equal work is a legal requirement in the UK.
What is the gender pay gap in the banking world?
The finance industry is the worst sector in relation to a gender pay gap, the differential being more than twice as wide as in other sectors in the year to April 2021.
In the finance sector, firms are paying men, on average, almost 24% more per hour than women. This means that women in the finance sector earn £0.76 for every £1 that men earn.
Across all sectors, the gap is around 11.6%.
On average, women in finance also earned 37% less in bonuses than men, compared with 35% across other sectors.
The figures are based on the median – the middle wage of a range when everyone’s wages are lined up from smallest to largest. The median is used rather than the average or mean because the median is a more representative figure which is not skewed by a few highly paid people.