Business

Bank of England, some major businesses back move to reveal ethnic pay gaps

The latest decision has comes nearly a year since businesses were required to report their gender pay gap and 60 days since the government completed its hearing on ethnicity pay reporting (Photo: OLI SCARFF/AFP/Getty Images).

By: Radhakrishna N S

IN A BID to tackle workplace inequality in the UK, the Bank of England, Deloitte, and WPP are some of the organisations lending their support to the call to voluntarily report their ethnic pay gap.

The latest decision has comes nearly a year since businesses were required to report their gender pay gap and 60 days since the government completed its hearing on ethnicity pay reporting.

Bank of England chief operating officer Joanna Place said: “Reporting on the gender pay gap has helped us better understand some of the challenges we face in progressing our inclusion and diversity agenda.

“Extending this scrutiny to the ethnicity pay gap is not only the right thing to do, it also makes good business sense for companies wanting to recruit and retain talent.”

A year ago, the UK mandated that businesses with 250 or more staff must report their gender pay gap.

A total of 15 businesses have agreed to the new framework to work towards reporting their ethnicity pay gap.

Among companies adopting the new framework are banking giants, Citi, Santander, accountancy firms EY and KPMG, television production ITN and advertising firm WPP.