Closing Britain's pay gap could add £150 billion ($NZ268 billion) to the country's annual gross domestic product by 2025, according to consulting firm McKinsey Global Institute. "This has helped us to narrow the gender pay gap to a record 18.1% - but we want to eliminate it completely." Other countries to introduce mandatory gender pay gap reporting include Australia, which passed similar legislation in 2012, and Germany, where a forthcoming law will affect companies that have more than 500 employees. Women's rights group Fawcett Society said they "strongly welcome" the gender pay gap reporting legislation. Through gender pay gap reporting they can address the productivity gap and get the best person for the job at the right level," Sam Smethers, chief executive of Fawcett Society said in a statement.

Source: Otago Daily Times April 05, 2017 23:03 UTC