Saturday, 21 July, 2018

Tesco reports gender pay gap of 12 per cent

Huge numbers of businesses pay women less than men GETTY- STOCK PAY GAP Huge numbers of businesses pay women less than men
Nellie Chapman | 23 February, 2018, 02:59

Financial services firms' gender pay gaps have been trickling in, with just under 40 listed on the government's latest gender pay gap compilation. In the United Kingdom high street bank the gap was 14.2%. Its lower pay quartile comprised 32.4% men and 67.6% women, while its upper quartile consisted of 59.3% men and 40.7% women.

Barclays' gender pay gap widens to 79 percent for discretionary bonuses paid to employees at its worldwide unit, which houses the corporate and investment bank.

For basic pay excluding bonuses there was a median hourly gap of 43.5% at Barclays International, which includes the investment banking business.

At Tesco the mean gender pay gap (taking into account low and high earners) is 12 per cent, while the median gender pay gap (between "middle earners") is 8.7 per cent.

Tenet group finance director Keely Craig said: "Tenet is committed to reducing the gender pay gap over time and as we state on our website, we are confident that our gender pay gap does not stem from paying men and women differently for the same or equivalent work but rather is the result of the roles in which men and women work within the company and the salaries that these roles attract".

However, the grocery retailer's median bonus gap was 27 per cent and mean bonus gap was 42.6 per cent.

He added: "I'm pleased that we are making progress in this area and exceeded our own target of 25 per cent women on the board by the end of 2017".

"As one of the fastest growing businesses in the United Kingdom attracting and retaining talent is a key priority for us, and we are absolutely committed to ensuring our staff are paid fairly, irrespective of gender or any other aspect of diversity". The British government past year said it would require all companies with more than 250 employees to publish their gender pay data by April 2018.

According to the BBC, only 28 of the 1,154 companies that have reported the figures have a higher median hourly pay gap than Barclays.

Barclays group service, which includes operations and technology, had a salary gap of almost 30% and a bonus pay gap of 24%.

The news also comes less than a month after legal proceedings began for equal pay claims that could cost the retail giant £4 billion in compensation payments.

In terms of bonus pay, women received on average two-thirds (66%) less than men but slightly more women received bonuses than men - 94% versus 93% respectively.