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Landsec, the UK’s largest listed property company, has revealed that its female staff are paid a third less than men as it becomes the first developer to file new gender pay gap data.
The FTSE 100 developer, which sold the City of London’s “Cheesegrater” tower to Chinese investors for £1.5bn this year, reported a median gender pay gap of more than 36 per cent for hourly pay.
Women also received bonuses that were 62.5 per cent lower in median terms than those received by men, although women were almost as likely as men to receive some sort of bonus.
All companies with more than 250 employees must publish the gap for mean and median wages and bonuses, as well as the percentages of men and women receiving bonuses and at different pay scales by April 4 next year.
So far, only around 3 per cent of companies have met their legal requirement to report the gender pay gap, with only an 250 out of an estimated 9,000 companies so far entering data on to the government’s website.
According to analysis of gender pay gap data filed to date by analytics company Staffmetrix, the highest median gender pay gap by sector recorded so far is 31 per cent, registered by financial services companies, meaning Landsec is ranked among those with the highest hourly gender pay gap.
As of last month, the median gender pay gap of those organisations that have reported so far was 10.6 per cent, compared with the UK’s overall gender pay gap for all employees, full-time and part-time, of 18.1 per cent in 2016, according to the Office for National Statistics.
Landsec, formerly Land Securities Group, said 30 per cent of its top quartile earners were women, while 76 per cent of its lower quartiles earners were also women.
On its website, the company said that although the figures would suggest a “significant pay gap between males and females”, the gap was caused by men dominating higher-paying roles.
“Like other companies across our industry, we have a lower proportion of females in senior roles than we would like,” wrote Diana Breeze, the company’s head of human resources.
Landsec said that women’s relatively lower bonuses could be partly explained by some women earning pro-rated bonuses when working part-time.
Ms Breeze said the company would commit itself to improving its female representation among its best-paid quarter of staff from 20 per cent to 30 per cent by 2020. The company told the Financial Times that it had recently appointed a female board member, bringing the composition of its board to seven men and four women.
High-profile companies to report their gender pay statistics to date include PwC Services and Virgin Money, which reported that on average their female staff earn 12 per cent and 32.5 per cent less per hour than men respectively. About half the companies that have provided data have reported double-digit gender pay gaps.
In September, Justine Greening, women and equalities minister and education secretary, called on companies to “fast forward” their plans to report the gap between what they pay their male and female employees.