German Remuneration Transparency Act and UK Gender & Ethnicity Pay Gap Report
Deutsche Bank aims to close the gender pay gap and to support the principle of gender neutrality with regard to compensation which is laid down in Article 157 of the Treaty on the Functioning of the European Union (TFEU). Several national legislations require already from companies gender pay gap analysis and reports, e.g.:
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 2021, 44 colleagues (59% women, 41% men) made use of this right, with no structural discrepancies identified (2020: 47 colleagues, 70% women, 30% men).
In the UK, legislation from April 2017 requires all companies with 250 or more employees to report their gender pay gap annually. In March 2021, the bank published its forth UK Gender Pay Gap Report. In our combined UK figures, the median hourly gender pay gap narrowed from 26.1% to 25.6%. The median gender bonus pay gap for 2020 compared to 2019 also narrowed from 58.6% to 48.5%.
Additionally, for the first time the bank also chose to publish the Ethnicity Pay Gap data voluntarily, in advance of any legislation the Government intends to implement. The renewed focus on anti-racism highlights the importance of transparency in helping drive change. More details can be found in the March 2021 UK Gender & Ethnicity Pay Gap Report.