Pension Protection Fund reports 11.07% disability pay gap

Pension Protection FundThe Pension Protection Fund has published its disability and long-term health condition pay gap data for the first time, reporting a 2022 mean hourly pay gap of 11.07%.

Its median hourly disability pay gap was 2.04%, while its mean and median bonus pay gaps were 49.26% and 4.06%, respectively. A total of 85% of those employees with a disability or long-term health condition, and 83.5% of those without, received bonus pay last year.

The fund’s 2022 mean hourly ethnicity pay gap was 14.43%, down from 1.82% in 2021, while its median gap was 14.26%, down from 15.6%. Its mean ethnicity bonus gap was 40.99%, down from 48.8% the prior year, while its median gap was 30.99%, down from 36.92%.

The number of ethnic minority employees who received bonus pay increased from 78% in 2021 to 79% in 2022, compared with an increase from 85% to 88% for white staff. The proportion of black employees receiving bonus pay was 72%.

The employer’s mean hourly gender pay gap was 16.59% in 2022, down from 23.92% in 2021 and 24.97% in 2017. Its median hourly gap was 16.64%, up from 15.86% in 2021, but down from 20.4% in 2017.

Meanwhile, the Pension Protection Fund’s 2022 mean gender bonus pay gap was 57.28%, down from 57.87% the prior year and 64.26% in 2017. Its median gap was 17.64%, up from 16.21% in 2021, but down from 64.26% in 2017. A total of 85% of men and 82% of women received bonus pay last year.

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Katherine Easter, chief people officer at the Pension Protection Fund, said: “Overall, our progress on narrowing our pay gaps is slow, partly due to our low levels of staff turnover. While we know we have a long way to go to close our gender pay gap, we have made progress on reducing our gap since we started reporting it in 2017, and the amount of progress we’ve made compares favourably with the wider financial services sector.

“We’re passionate about delivering on our commitment to make the fund an inclusive place to work. Monitoring our pay gaps helps us to make sure our approach to pay supports and reflects that.”