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Widest gender pay gap in finance and insurance sector reveals new analysis by XpertHR

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Widest gender pay gap in finance and insurance sector reveals new analysis by XpertHR

XpertHR has analysed more than 10,000 first-round gender pay gap reports published on the government web site by the 4 April 2018 legal deadline.

XpertHRanalysed the gender pay gaps and the bonus gaps by industry and organisation size and investigated if the industries with the highest proportion of men in the top quartile were also those with the widest gender pay gaps.

Its analysis revealed that the mean gender pay gap across UK employers with 250 or more employees is 13.3% and the mean gender pay bonus gap is 20.1%.

The widest mean gender pay gaps were found in finance and insurance at 26.9%, followed by construction at 23.3% and then mining and quarrying at 20.6%.

At the other end of the spectrum, the sectors with the narrowest mean gender pay gaps were accommodation and food services (7%), water supply, sewage, waste management (7.4%) and human health and social work (7.7%).

The top three industries with the widest bonus pay gaps were finance and insurance with 54.6%, mining and quarrying (45.4%) and then construction (45.3%).

A number of sectors have bonus gaps of zero, reflecting the fact that bonuses are not a significant feature of reward for employees in these areas – including education, public administration and health and social care.

The data also highlighted there is no obvious link between an organisation’s size and the width of its gender pay gap. The largest gaps are in organisations with between 250 and 999 employees (mean 14.2%) but the gap is narrower in the very largest companies and the smallest.

XpertHR also investigated if there is a link between companies with a large representation of men in leadership roles and the size of their gender pay gap. Its findings were mixed.

The company mapped each industry’s gender pay gap against the percentage of men in the top pay quartile and established a line of best fit through the data points.

It showed that in the finance industry the gender pay gap is more than double a figure which can be explained by the fact that there are more men at the top.

However, in the transport sector and in water supply, the gender pay gap is smaller than might have been expected given the preponderance of men at the top of the organisation, at 8.1% and 7.4% respectively.

Commenting on the findings, XpertHR content director Mark Crail said: “Our analysis reveals that the gender pay gap can’t be explained simply by there being an over representation of men in top positions in companies. Several other factors are clearly driving the gender pay gap. These include the unequal number of women in frontline jobs, and issues such as occupational segregation, with a disproportionate number of men in higher-paying occupations such as IT.”

“However, there is a clear pattern when it comes to the size of bonus pay gaps and the size of an organisation. The larger the organisation, the larger the gender bonus gap. Those organisations with more than 20,000 employees have a mean bonus pay gap of 35.3%, while those with between 250 and 499 employees have a mean bonus pay gap of 16%.”

XpertHRanalysed 10,684 first-round gender pay gap reports published on the government web site in the 12 months to 4 April 2018.

XpertHR runs a Gender Pay Gap Reporting Service which helps employers to understand and report their gender pay gap figures. It also offers legal guidance, webinars, FAQs and up-to-date news on employment and HR issues affecting organisations.

For more information visit: http://www.xperthr.co.uk/

Finance

Sterling gets vaccine boost to hit 8-month high vs euro

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Sterling gets vaccine boost to hit 8-month high vs euro 1

By Joice Alves

(Reuters) – Sterling rose to a fresh eight-month high against the euro on Wednesday as Britain’s faster COVID-19 vaccine rollout than in the European Union offered support to the pound.

Although Britain’s deaths from the coronavirus pandemic passed 100,000 on Tuesday, its faster initial vaccine rollout has fuelled hopes for economic recovery.

Sterling was up 0.3% at 88.28 pence at 1049 GMT, after hitting a fresh eight-month high of against the single market currency.

Graphic: Sterling 27 Jan, https://fingfx.thomsonreuters.com/gfx/mkt/jbyvrnbbbve/Sterling%2027%20Jan.png

Geoffrey Yu, senior EMEA market strategist at BNY Mellon, said “the general theme of UK doing well with vaccinations is playing a role” in lifting the pound, which is “not expensive and not over-owned yet”.

On the other hand, “the euro is clearly being undermined by ongoing concerns over vaccine rollout speed and supply,” Yu added.

Versus the greenback, sterling was flat at $1.3736, not far off a May 2018 high of $1.3759 touched earlier.

Hopes for a large U.S. fiscal stimulus package has fuelled risk sentiment in markets in recent weeks, benefiting sterling. Market participants are expecting Federal Reserve Chair Jerome Powell to renew a commitment to ultra-easy policy.

“It’s FOMC today so the adjustment in dollar positions may be playing a role as well,” Yu said.

As Britain left the bloc in December, the City of London said the capital’s loss of some financial business due to Brexit has not been catastrophic and it will thrive even if the European Union “irrationally” blocks access.

“For now Sterling continues to trade more on hope, vaccines, than current reality,” said Jeremy Stretch, head of G10 FX Strategy at CIBC Capital Markets.

(Reporting by Joice Alves in VARESE, Italy. Editing by Alexander Smith and Andrew Cawthorne)

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Dollar advances as investors shy away from risk

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Dollar advances as investors shy away from risk 2

By Saqib Iqbal Ahmed

NEW YORK (Reuters) – The dollar edged higher against a basket of currencies on Monday, as a burst of volatility in stock markets around the globe sapped investors’ appetite for riskier currencies.

Concerns over the timing and size of additional U.S. fiscal stimulus sent major U.S. stock indexes briefly more than 1% lower before they recovered to trade little changed on the day.

The sharp move in stock markets soured FX traders’ appetite for risk, Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto, said.

“Your high beta currencies – currencies that are highly correlated with equity markets and global risk appetites – are tumbling in synchrony with equity indexes,” Schamotta said.

Market sentiment turned more cautious at the end of last week as European economic data showed that lockdown restrictions to limit the spread of the coronavirus hurt business activity.

The U.S. Dollar Currency Index was 0.19% higher at 90.396, after rising as high as 90.523, its strongest since Jan. 20.

The euro was down around 0.28% against the dollar. German business morale slumped to a six-month low in January as a second wave of COVID-19 halted a recovery in Europe’s largest economy, which will stagnate in the first quarter, the Ifo economic institute said on Monday.

The Australian dollar – seen as a liquid proxy for risk – was 0.16% lower against the dollar.

U.S. stocks have scaled new highs in recent sessions even as concerns about the pandemic-hit economy remain. Investors are trying to gauge whether officials in U.S. President Joe Biden’s administration could head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive.

Despite the dollar’s recent rebound – the dollar index is up about 1.3% since early January – analysts expect a broad dollar decline during 2021. The net speculative short position on the dollar grew to its largest in 10 years in the week to Jan. 19, according to weekly futures data from CFTC released on Friday.

The U.S. Federal Reserve meets on Wednesday and Chair Jerome Powell is expected to signal that he has no plans to wind back the Fed’s massive stimulus any time soon – news which could push the dollar down further.

Sterling strengthened on Monday against the weaker euro as Britain’s COVID-19 vaccine rollout over the weekend offered support to the British currency.

(Reporting by Saqib Iqbal Ahmed; Editing by Andrea Ricci and Sonya Hepinstall)

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London and New York financial services treated the same, EU says

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London and New York financial services treated the same, EU says 3

By Huw Jones

LONDON (Reuters) – An EU forum for discussing financial services with Britain will be similar to what the United States has, and it must be in place before market access will be considered, the bloc’s financial services chief said on Monday.

Britain’s Brexit trade deal with the EU from Jan. 1 does not cover financial services, leaving its City of London financial center largely cut off from the EU.

Both sides are committed to creating a forum for financial regulatory cooperation by March, but talks have not started yet, the EU financial services commissioner told the European Parliament.

“What we envisage for this framework is similar to what we have with the United States, a voluntary structure to compare regulatory initiatives, exchange views on international developments and discuss equivalence related issues,” Mairead McGuinness told the European Parliament.

U.S. and EU regulators took about four years just to agree on rules on cross-border derivatives.

Trading in euro shares has already left London, along with a chunk in swaps trading. That questions the value of any future EU access given that many banks and trading platforms from the UK have opened units in the bloc.

McGuinness said regulatory cooperation will not be about restoring market access that Britain has lost, nor will it constrain the EU’s unilateral equivalence process.

Equivalence refers to EU access when Brussels deems a non-EU country’s rules are similar enough to the bloc’s.

“Once we agree on our working arrangements, we can turn to resuming our unilateral equivalence assessments… using the same criteria as with all third countries, including anti-money laundering and taxation cooperation,” she said.

Britain plans to amend some EU rules.

“The United Kingdom intention to diverge requires a case-by-case discussion in each area. Equivalence and divergence are polar opposites,” McGuinness said.

“I am optimistic that over time, through cooperation and trust, we will build a stable and balanced relationship with our UK friends.”

(Reporting by Huw Jones; Editing by Dan Grebler)

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