UK Gender Pay Gap and German Remuneration Transparency Act
UK Gender Pay Gap Report and the German Remuneration Transparency Act
In the UK, legislation from April 2017 requires all companies with 250 or more employees to report their gender pay gap annually. In 2020, the Bank published its third UK Gender Pay Gap Report. In our combined UK figures, the median hourly pay gap narrowed from 27.2% to 26.1%. The median bonus pay gap for 2019 compared to 2018 also narrowed from 67.7% to 58.6%. More details can be found in the March 2020 UK Gender Pay Gap Report.
In Germany, the German Remuneration Transparency Act, which came into force in January 2018, entitles employees to request specific aggregated information about the remuneration of colleagues of the opposite gender in comparable jobs. In 2020, 47 colleagues (70% women, 30% men) made use of this right, with no structural discrepancies identified (2019: 94 colleagues, 78% women, 22% men).