Gender Pay Gap
Lord Hunt of Wirral Excerpts(10 months ago)
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Baroness Barran (Con)
Those were some of the questions we explored in our pay transparency pilot, which looked at the impact of requiring employers to put salary information into their job recruitment advertisements and not asking about previous salaries. We plan to publish the methodology for that so that employers can adopt it. We will also do more work to look at the challenges of implementation.
Lord Hunt of Wirral (Con)
Does my noble friend the Minister share my concern about the gender pay gap in pensions, which just accumulates in historical terms to create a very serious problem in the future?
Baroness Barran (Con)
My noble friend is absolutely right. Last June, DWP published an official measure of the gender pensions gap, which is currently 35% in private pensions. The reforms that we brought in will mean that 3 million women will benefit by more than £550 per year by 2030 and that the gender pensions gap will equalise by the early 2040s—more than 10 years earlier than under previous legislation.