“Women are likely to earn £300,000 less than men over their working lives”
Large organisations (with over 250 employees) will be required to provide information on their gender pay and bonus gaps annually. The new Regulations come into force from 1st October 2016. The Regulations will impact approximately 8,000 employers in the UK.
The first set of information will be based on data from a particular pay period every April. This starts in April 2017. Employers will have 12 months to publish the information required so the first set of data will need to be provided by April 2018. Pay can include basic pay, paid leave, maternity pay, bonus pay etc. Elements such as overtime, expenses, benefits in kind will not be considered as pay.
The government intends to name any organisations that fail to provide data in league tables. Figures also need to be published on the company’s website and be approved by senior staff.
Worried about how to start assessing your salary data? The CBW HR Consultancy team are here to help you. Our team are more than happy to review salary information to ensure you are well prepared for the implementation of the new Regulations. Our input will be conducted in a confidential and professional manner.