With "more than a quarter of companies paying women over 20 % less than men", and almost a third of businesses having gender pay gaps "worse than the national average", stating , as Rachel Reeves, chair of the business, energy and business strategy select committee, did that "there is a long way to go" is something of an understatement (Quarter of employers have gender pay gap of more than 20%, 05/04/19). Would it not be better to say that the latest figures show that this policy of transparency is simply not working, and other methods are needed?
Naming and shaming companies has no effect, and the government`s laissez-faire attitude towards pay is revealed by the 22.9% gender pay gap in the Department of Culture, Media and Sport, up from 8.2% last year, and the 14.5% figure in the Department for Exiting the EU, up from 8.8%. Companies face legal action if they do not submit the details, but there is no requirement to include an action plan for closing the gap, and all the minister for women, Victoria Atkins can say is that these figures need to "settle" before plans to widen this failing scheme come into operation!
It is not simply that women are being paid too little, but that, as can be seen in the BBC, many men are overpaid, often to obscenely high levels. Legislation is clearly needed to ensure the gender pay gaps are reduced, and the overall pay gap between top and bottom does not exceed a reasonable level. Socialism may not be too popular with American bankers, but government regulations to check the greed of corporations and their top managers would be welcomed by many in the UK (JP Morgan boss: socialism would be a disaster for US, 05/04/19)!
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