Home Business News TUC want bosses to be fined for failing to comply with gender pay gap

TUC want bosses to be fined for failing to comply with gender pay gap

by LLB Finance Reporter
5th Apr 24 1:01 pm

Bosses that don’t comply with the gender pay reporting law should be fined, urged the Trade Union Congress (TUC), the largest trade union body in the UK.

The deadline for gender pay reporting passed on April 4th, requiring organisations with over 250 employees to legally publish their gender pay figures.

Despite the reporting law being in place since 2017, the gender pay gap is closing ‘painfully slowly’ according to TUC General Secretary Paul Nowak.

“At the current rates of progress, it will take more than 20 years to bring men and women’s pay into line. That is not right. We cannot consign yet another generation of women to pay inequality” he said.

“It’s clear that just requiring companies to publish their gender pay gaps isn’t working. Companies must now be required to implement action plans to close their pay gaps. And bosses who don’t comply with the law should be fined.”

The latest annual figures from the Office of National Statistics (ONS) from April 2023 stated the gender pay gap sat at 7.7 per cent in favour of men, despite falling by around a quarter over the past decade.

Recently, it was revealed that Goldman Sachs’ mean hourly pay difference had climbed to 54 per cent. While UK Parliament posted a 14.3 per cent gap in favour of men across all employees and a 7.7 per cent gap for all full-time staff.

Responding to the news, Sheila Flavell CBE, Chief Operating Officer for FDM Group, said, “As the reporting deadline passes, it’s vital that organisations are held accountable for their gender pay gap, benchmarking progress as we strive towards a fair and equal workplace.

“Unfortunately, many organisations are still a long way off when it comes to equal pay, driving women away from important industries like technology. If the UK wants to create a digitally skilled workforce, government and industry must take greater action to level the playing field and break down the barriers to entry through closing the gender pay gap.”

“Equal pay should be a basic requirement at any organisation and the first step in taking action is to comply with reporting laws and evaluate where each organisation stands. They can then assess their existing efforts and speed up action to close the gap, as well as empower women with skills, training and opportunities to help them thrive. Only then will the tech sector be able to attract and retain female talent.”

Joanna Kori, Head of People, Encompass Corporation, said, “Although we have witnessed areas of progress as businesses focus efforts on diversity, equality and inclusion initiatives, there is still much to be done when it comes to making a real mark on closing the gender pay gap across industries.

“Every organisation has a responsibility to prioritise an inclusive workplace, built on fairness and enabling all employees to thrive, and it is on each and every one to drive the change that will make a difference for future generations.

“Businesses of all sizes must closely analyse their strategies to promote this inclusivity, ensuring that they are taking the right measures to mitigate any inequalities – if not, women will continue to face disparity. It is crucial that businesses across sectors understand the critical nature of bridging this gap and play a part in building an improved working environment for the future that encourages, recognises and rewards all.”

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