New reporting requirement will highlight drivers of gender pay gaps in companies – Byrne

A new reporting mechanism requiring companies to publish information on gender pay gaps that exist will help us reach the root of the problem, a Fine Gael Senator has said.

Fine Gael Seanad Spokesperson on Finance, Maria Byrne, highlighted the move, which was introduced this week. The requirement applies to firms of varying sizes and considers both full-time and part-time employees.

Senator Byrne said: “Just a couple days ago, we saw a remarkable report from WTW Ireland which revealed that women in Ireland retire with 80% of the wealth of men. This reporting requirement will help us identify what’s driving that disparity, along with pay gaps.

“From this week, companies will begin reporting on any pay gaps that exist and propose measures to combat these gaps. The obligation extends to employers with 150 or more staff in June 2024 and to those that employ 50 or more in June 2025.

“The requirement comes at a pivotal point as we marked Equal Pay Day earlier this month. Ireland is making substantial progress in the corporate world, and this is a step up to reaching a more gender diverse landscape.

“It is essential to gather the information from the reports to pursue stronger legislation to ensure equality for female participation in the workplace. We witnessed landmark gains for women in Budget 2023 with major investment in childcare and a heightened focus on women’s health.

“I am extremely interested to uncover and engage with the findings presented by companies in the coming months and hope they act as a tool for combatting the drivers of inequality,” concluded Senator Byrne.