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Almost 80% of U.K. Companies Pay Women Less Than Men

Almost 80% of U.K. Companies Pay Women Less Than Men
From TIME - April 5, 2018

More than 10,000 employers in the United Kingdom publicly reported their gender pay gap data Wednesday as a result of a 2017 regulation aimed at promoting equal pay for equal work. And judging by the results, organizations have a long way to go.

Companies with more than 250 employees in the U.K. are now required to disclose salary data and any gender wage gap publicly online and to the government, thanks to legislation passed last April. More than 78% of U.K. companies paid men more than women, with a median pay gap of 9.7% on average, according to the BBCs analysis of the data.

The required reporting is intended to shine a light on pay practices and what may stall a womans career advancement. In the case of these U.K.-based companies, many found hefty gender wage gaps due to the high number of male executives or leaders filling the highest-paying roles.

The data released this week produced stunning results, with banks, airlines, retailers and British soccer clubs reporting significant differences in the mean salaries between men and women.

Top investment banks like Goldman Sachs and Citigroup reported mean hourly rate differences for U.K.-based female and male employees at 55.5% and 48.4% respectively, according to the data. U.K.-run banks like HSBC and Barclays reported women earned a mean hourly rate of 59% and 48%, respectively, less than their male counterparts.

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