Make gender pay gap reports mandatory in Hong Kong
The Hong Kong government and HKEX should make gender pay gap reports compulsory as figures published by HSBC and Standard Chartered in the UK show there is an imbalance that needs to be corrected
HSBC and Standard Chartered Bank, both listed in Hong Kong, pay female bankers less than men in Britain, according to their gender pay gap report, but they argue that this is because of fewer women in senior roles.
This only proves that women are held back by the proverbial glass ceiling and that companies should do more to help encourage women to take senior roles to achieve gender balance at the top.
According to HSBC’s 2018 gender pay report released last Thursday, the hourly pay gap at UK’s largest bank was 60 per cent, slightly worse off than the 59 per cent in 2017.
HSBC said it was committed to improving the gender balance, but it “will take time and require sustained focus over the long-term.”
Standard Chartered Bank, another British lender, on the other hand fared better in terms of gender pay equality, according to a report issued last month. Its hourly gender pay gap stood at 30 per cent in 2017, down from 34 per cent in 2016. However, the bank is yet to issue its 2018 gender pay gap report.
According to a British law passed in April 2017, all companies with more than 250 employees are required to release detailed data on gender-related pay.