Natwest Group UK reports 31.8% mean gender pay gap

Natwest Group UK
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Natwest Group UK has reported a mean gender pay gap for 2022 of 31.8%, and a median gender pay gap of 32.3%.

The group’s 2022 mean gender bonus gap, excluding recognition vouchers, was 43.5%, while its median was 18.9%. A total of 59.9% of men received a bonus, compared with 49.7% of women, and of those receiving a bonus award, a greater proportion of women (52.8%) received only recognition vouchers compared with men (30.5%).

Natwest’s 2022 mean ethnicity pay gap was 7.2%, and its median was 10.3%, while its mean ethnicity bonus gap, excluding recognition vouchers, was 21.8% and its median was 16.9%.

For Natwest Bank, specifically, the 2022 mean gender pay gap fell by 1.4% to 28.7% and its median dropped by 2.6% to 31.6%. Its mean bonus gap, excluding recognition vouchers, rose by 4.4% to 30.4%, and its median increased by 5% to 17.5%. A total of 58.9% of men and 49.3% of women received a bonus.

RBS International, part of the Natwest Group, reported a 0.3% drop in its 2022 mean gender pay gap to 26.1%, and a 2.1% decrease in its median gap to 23.5%. Its mean gender bonus gap, excluding recognition vouchers, fell by 0.6% to 42.4% and its median decreased by 13.3% to 20%. Half (50%) of women and 60.9% of men received a bonus.

Jen Tippin, chief people and transformation officer at Natwest Group UK, said: “When we refreshed our values last year, we placed inclusive right at the top of the list. As we strive to make Natwest an inclusive workplace for everyone, we’re increasing the transparency of our pay gap reporting in line with our diversity, equity and inclusion plan.

“In addition to the regulated gender pay gap reporting for our UK entities, we’ve added the gender pay gap for Natwest Group in the UK. Because it’s the first year we’re reporting, we don’t have a comparison to the previous year.”