The figures set out have been calculated using the standard methodologies used in the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.
Under the law men and women must receive equal pay for;
The same or broadly similar work
Work rated as equivalent under a job evaluation scheme, or
Work of equal value
The mean gender pay gap for the whole economy (according to the October 2017 Office for National Statistics (ONS) Annual Survey of Hours and Earnings (ASHE) figures) is 17.4%, and in the manufacturing sector it is 17%. At 14.3% Cormar’s mean gender pay gap is lower than both that for the whole economy and that for our sector.
The mean gender bonus gap for Cormar is relatively large at 275.2%
However the median gender bonus gap is -22.9%
Our gender bonus gap is primarily due to more men than women in director positions and these positions attracting a higher level of bonus. However at a median level the gap reverses and female employees earn 22.9% more than their male counterparts. Bonuses are paid to all employees, but large or small bonus payments can distort the picture and the lower number of female employees generally can be misleading.’
I, Jonathan Hill, Finance Director, confirm that the information in this statement is accurate.
28th March 2018