Here at Sun Trade we pay our colleagues equally, but it is important to distinguish between equal pay and the gender pay gap. Equal pay issues arise when men and women are paid differently despite doing the same work or work of equal value – something that isn’t an issue here at Sun.Gender pay however is a much broader concept that compares the average earnings of men and women within an organisation. This difference is expressed as the percentage difference between men and women’s pay.
According to the Office of National Statistics, the UK’s current mean gender pay gap is 17.4%, while the median figure is 18.4%. The causes of a gender pay gap can be complex. It isn’t simply about ensuring men and women in the same roles are paid equally. There are a number of other factors at play, such as working hours and the number of men and women in different roles across a business.
That is why the UK government has introduced a requirement for all employers to publish their gender pay gap to identify differences in pay between male and female employees across our entire business regardless of job role. The intention is that by monitoring the pay gap between men and women, organisations can better understand why any gap exists and take action to try and reduce it.
Sun Trade have always been a business where people can thrive and develop regardless of their gender or background and we will continue to offer fair, equitable pay to all our colleagues.