Estate agency firms with more than 250 employees must publish detailed data about their gender pay gap by April 2018, the government has announced.
The new rules will ask companies to look at their workforce from several points of view to ensure men and women are paid the same for doing the same job.
This includes details of the median male and female earners within the company, and also taking into account the pay gap within different pay levels within the business, important the government says because many women tend to do lower paid jobs within companies.
Agents will also have to publish details of the proportion of male and female earners across an organisation, to pin point where women’s progress may have “stalled”.
The new regulations also cover bonuses, as well as salary.
“We have more women in work, more women-led businesses than ever before and the highest proportion of women on the boards of our biggest companies,” says Justine Greening, Minister for Women and Equalities (pictured, left).
“This has helped us to narrow the gender pay gap to a record 18.1 per cent – but we want to eliminate it completely.
“Helping women to reach their full potential isn’t only the right thing to do, it makes good economic sense and is good for British business. I am proud that the UK is championing gender equality and now those employers that are leading the way will clearly stand out with these requirements.”
RICS recently published research into pay within the property sector. In February it said that although pay rises had reached 7.2% overall within the sector, the gender pay gap was widening.
Male property professionals earn on average £11,113 more than their female counterparts (or £54,931 against £43,818) up from £7,000 last year.
The government has also launched a campaign website to raise awareness about the initiative.