Equal pay.


How do we decide?

The annual equal pay audit was completed and discussed formally with Unite in July and August across two separate sessions. The audit looked in detail at pay, bonus and performance ratings for the different categories (sex, age and ethnicity), with additional specific focus on zero increases, people below ranges and on the customer service and finance families. The results were presented to the equalities committee in September.

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In summary our significant depth of research drew out no material evidence of bias in the gender pay gap.

The gender pay gap is an externally recognised statistic, representing the difference between average male and female salaries across the company. our salary pay gap is 20%, compared to 55% across the financial services industry as a whole and 28% in the UK economy. However, grade-by-grade, the comparison is at most 6% (in non-managerial grades one to four), and like-for-like job comparisons show no statistical difference.

The pay gap here therefore illustrates not unequal treatment for the same work, but the effects of market differentials for certain job families and, most significantly, the gender balance in higher-paid grades where men form the vast majority of the population, so driving male average salary upwards.

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