U.K. companies with more than 250 employees will be required to publish the difference in men and women’s average pay under proposed regulations published Tuesday.
Prime Minister David Cameron will start a consultation process on the details of the new rules, which were outlined after his government pledged last week to increase minimum pay for workers over 25 to 9 pounds ($14) an hour by 2020.
“We will make every single company with 250 employees or more publish the gap between average female earnings and average male earnings,” Cameron said in extracts from an article written for the London-based Times newspaper released by his office. “That will cast sunlight on the discrepancies and create the pressure we need for change, driving women’s wages up.”
The government said women now make up 25 percent of the members of boards of FTSE 100 companies after a campaign led by former Business Secretary Vince Cable before the May 7 general election. Lloyds Banking Group Plc committed itself to supporting the new rules.
“Lloyds looks forward to working with the government on the consultation on gender pay gap reporting, to ensure the views of British business are taken into consideration when implementing this policy,” Lloyds Chief Executive Officer Antonio Horta-Osorio said in an e-mailed statement. “Women are a vital part of our workforce and we are working hard to support them at each and every level of their careers.”
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