GENDER PAY GAP REPORT
All UK companies with at least 250 employees are legally required to report their gender pay gap on an annual basis.
This is a measure of the difference between all males’ and all females’ average pay across the whole organisation.
It is not the same as equal pay which deals with the pay difference between males and females who carry out the same jobs, jobs that are rated/graded the same, or work of equal value. Read more on gender pay.
What is the gender pay gap?
The gender pay gap is often compared to equal pay, but these are two different things;
- Equal pay means that males and females in the same employment performing equal work must receive equal pay.
- The gender pay gap is different and measures the difference between males and females average earnings across an organisation (or the wider market).
Gender Pay vs Equal Pay diagram
We’re confident that pay at LV= is fair and equitable.
This is because we review market pay benchmarks based on band, job and location against a large source of market data.
We share the ambition of the Government to see gender balance at all levels across financial services firms. As a diverse and inclusive employer it’s imperative we take steps to tackle our gender pay gap. We understand why it exists, recognise there is work to be done and have started to take the steps we need to take to close the gap.
Business Structure
Since we announced our 2018 Gender Pay Gap report, there have been further changes to the structure of our business.
By clicking the link you can view the report for LVFS, which include steps that are being taken to improve the gender balance.