Essex Bookkeers Discuss What you Need to Know About Gender Pay Gap Reporting

RAINHAM, U.K. - Dec. 31, 2015 - PRLog -- In line with the new rules, information about variations in pay between men and women will have to be provided and this will need to include a single annual figure setting out the gender pay gap and the method by which the calculations have been made.

There is also likely to be a second reporting tier which will outline the gender bonus gap. Employers will have the opportunity to include commentary on the factors that contribute to their gender pay gap, and any measures being taken to close the gap.

Essex bookkeepers Office Assistants advise that all private, public and voluntary sector employers in England, Wales and Scotland that employ 250 or more personnel will be affected by the Regulations. "Businesses on the borderline with employee numbers will need to take note of the Regulations so that they are ready to comply when the time comes. Smaller businesses may also wish to take note of the information being published, as it could well affect them at a point in the future, and may influence their pay structures," says managing director Lynn Watson.

According to the Equal Pay Portal, the gender pay gap is ‘a calculation of the difference in the average earnings of the women and men in any given population’. Basically it is the difference in average hourly earnings of male and female full time employees.

The Office for National Statistics has published figures stating that women in the UK earn on average 19 per cent less than men. The new Regulations aim to eliminate gender inequality and take down the barriers that are in the way of women’s success.

It has been illegal for more than four decades to pay women and men varying rates of pay for equal or similar work. The Government says the pay gap exists mainly amongst older workings and reflects ‘the types of jobs that women tend to enter, and the levels of seniority they progress to’.

Office Assistants say that, ahead of the Regulations being introduced, it is a good idea to conduct an equal pay audit on an informal basis. This will help you identify potential issues in advance, and will give you time to take steps to address the issues.

Office Assistants offers bookkeeping services and much more to clients throughout the south east of England from their base in Rainham, Essex. For more information visit http://www.officeassistants.org.