The Pension Protection Fund’s (PPF) median gender pay gap decreased by 3% over 2018, while its median bonus gap increased by over 6%, a new report has found.

In its 2018 Gender Pay Gap Report published today, 7 February, the PPF’s median gender pay gap stood at 17.2% , down from 20.4% in 2017, while the lifeboats median bonus gap increased from 24.1% in 2017 to 30.6 % in 2018.

The lifeboat said the gap is largely because it does not have enough women in senior roles.

Calculated on a mean basis, the PPF’s bonus gap for 2018 was 59.1%, lower than the 64.3% recorded in 2017. Its mean pay gap stood at 23.7% in 2018, down from the 25% in 2017.

PPF chief people officer, Katherine Easter, commented: “While we are pleased to see some reduction in our gender pay gap, we are still a long way from where we want to be.

“This year’s results tell us that we must continue working hard to increase the pipeline of talented women in our organisation. We’ve made progress on our target to have 40 per cent female senior leaders by 2021. We’re focusing on growing our own pipeline of talent to achieve this.”

It is the second year the PPF has published its gender pay gap results, after government legislation introduced last year requires companies employing more than 250 staff to report gender pay and bonus gaps annually.

PPF CEO, Andrew McKinnon, added: “The current scale of the gender pay gap in financial services is a real issue. But while we can’t change the industry, we can be part of the solution.

“We are committed to tackling our gender pay gap because we believe it will improve our performance, as well as helping us to be an employer of choice.”

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