How New Pay Gap Disclosures in Britain Could Push Companies to Promote Women

(Richard Drew/AP file)
(Richard Drew/AP file)
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How New Pay Gap Disclosures in Britain Could Push Companies to Promote Women

(Richard Drew/AP file)
(Richard Drew/AP file)

A new reporting rule in the United Kingdom requires companies that have more than 250 UK workers to disclose data on any gender wage gap by Wednesday — and so far the numbers reported by companies from a range of industries have hardly been flattering.

The average hourly pay rate for women at Deloitte in Britain was 18 percent less than for men (and up to 43 percent less than for men, depending on whether one includes partners). At Intel's UK operations, women make 33 percent less than men on average, the chipmaker reported. And at Goldman Sachs' UK arm, the gap is nearly 56 percent.

But while much of the focus has been on the double-digit pay gaps — prompting a #PayMeToo online campaign in the UK as hundreds of companies rush to meet the April 4 deadline — perhaps more telling is another set of figures that each company must also report.

In addition to calculating differences in bonus pay and the overall average and median gap in hourly wages — which does not take into account job descriptions, education levels or years of experience — companies are also expected to show the gender breakdown of workers they employ across four pay bands in the country, from highest to lowest.

The numbers won't surprise anyone who has studied the issue, as it's well known that companies tend to have fewer women in their leadership ranks — and therefore in their highest-paying jobs, causing a disproportionate effect on the overall numbers.

“It takes you back to the age-old question, which is: Why are we seeing more women in the lower quartile and not in the higher quartile?” said Cheryl Pinarchick, who co-chairs the pay equity practice at the US-based employment law firm Fisher Phillips. “The data in the UK is reinforcing that fact.”

Yet by shining a glaring spotlight on what has been called the “position gap” — or how many fewer women are on the higher rungs of the corporate ladder — the UK data also reveals a rare company-by-company look that could have a real impact, some experts say. Companies' inability to hide potentially embarrassing figures could prompt more pressure to show they're boosting the number of women in the higher ranks.

“We’re going to be able to track this over time,” said Gail Greenfield, a principal at the New York-based human resources consulting firm Mercer. “The first year, maybe they get a pass and are able to say, 'We didn’t quite understand our situation.' Next year, when they report again, they can’t say that.”

Some companies have been releasing the data with explanations about the efforts they're making to get more women into higher-paying roles and to shift their gender balance, Greenfield said. “So they're going to be under pressure to show some improvement in the number of women in the higher quartiles.”

For many companies in the UK database — which includes more than 9,000 employers — the bar graphs showing the ratio of women to men in the four pay quartiles looks literally like a set of stairs — an unsettling, realistic illustration of the long-used corporate ladder analogy.

At Goldman Sachs' UK arm, for instance, 17 percent of those in the highest-paid quartile are women, and it steps down from there, with 31 percent in the second, 58 percent in the third and 62 percent in the lowest-paid quartile.

In a memo sent to employees, Goldman chief executive Lloyd Blankfein and President David Solomon said they want to have 50 percent of the firm's incoming analyst class be women by 2021. “At Goldman Sachs we pay women and men in similar roles with similar performance equally,” the two wrote in March. “However, the real issue for our firm and many corporations is the underrepresentation of women and diverse professionals both in magnitude and levels of seniority.”

At Intel, meanwhile, women made up 13 percent of its highest-paid workers, 20 percent of the next quartile, and 33 percent and 47 percent of the last two, respectively. In its explanatory report, the chipmaker suggested a similar culprit. Intel said its recent analysis “confirms that there is zero statistically significant pay difference by gender. The UK gender pay data we’re publishing today reflects a lower representation of women in senior roles.” In a recent report, the company also said it was ahead of its overall workforce diversity goals in the United States.

Some law firms and professional services firms excluded their partners from their calculations at first, because they are considered equity owners but then bowed to public pressure and recalculated their numbers to include them.

Deloitte, for instance, initially published an average gender pay gap of 18 percent, which excluded partners. The company updated that number in March, saying the gender earnings gap (salary and bonus of employees and total earnings of equity partners) was 43 percent.

“These calculations again serve as a stark reminder that we don’t have enough women in senior roles — this is not about unequal pay, but the shape of our firm,” Emma Codd, managing partner for talent at Deloitte UK, said in a statement.

Some have criticized the United Kingdom's focus on the numbers as a blunt instrument that doesn't look closely enough at pay equity (whether companies are offering equal pay for equal work), potentially obscuring what is already a hotly debated issue.

Others have questioned how much the data really reveals. Claudia Goldin, a Harvard University economist who has studied the gender pay gap, said the data appears to be missing a key element — the absolute average or median wage that companies pay their workers. “Having the quartiles is good, but one needs to know what the actual earnings are,” she said, pointing to the food service sector as an example, where there tends to be a lower wage gap but also low wages overall.

Still, Natasha Lamb, who works for an activist US shareholder that has successfully pressured tech firms and American banks to reveal whether men and women who work in the same jobs are paid equally, thinks the broader UK rule is an important one. She says she has begun urging companies to release a global median pay gap, rather than just comparing those with the same job titles.

Looking only at equal pay for equal work, she said, “doesn’t tell the whole story, which is this structural deficit which is across our society. We think a real authentic representation would show both.”

The Washington Post



Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold prices extended gains on Thursday after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve's monetary policy path.

Spot gold rose 0.2% to $4,989.09 per ounce by 1227 GMT. US gold futures for April delivery held steady at $5,008.60.

"Geopolitical concerns are front and centre with reports that, if the US were to take military action against Iran, it could go on for several weeks," said Jamie Dutta, market analyst at Nemo.money, Reuters reported.

Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.

FED LARGELY UNITED

Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.

Meanwhile, the Fed's January minutes showed it largely united on holding interest rates steady, but divided over what comes next, with "several" open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.

The weekly jobless claims data, due later in the day, and Friday's Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will provide further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver rose 0.9% to $77.87 per ounce after climbing more than 5% on Wednesday.

Silver is "supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86," said Ole Hansen, head of commodity strategy at Saxo Bank.

Spot platinum fell 0.6% to $2,059.55 per ounce, while palladium lost 1.7% to $1,686.47.


Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
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Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo

Oil prices rose on Thursday as the US and Iran attempted to ease a standoff in talks over Tehran's nuclear program while both sides heightened military activity in the key oil-producing region.

Brent futures climbed 23 cents, or 0.3% to $70.58 a barrel by 0735 GMT, while US West Texas Intermediate (WTI) crude gained 25 cents, or 0.4%, to trade at $65.44 a barrel.

Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in the risk of supply disruptions in the event of ‌a conflict.

"Oil prices are ‌rallying as the market becomes increasingly concerned over the potential ‌for ⁠imminent US action ⁠against Iran," said ING analysts in a Thursday note.

Iranian state media reported the country had shut down the Strait of Hormuz for a few hours on Tuesday, without making clear whether the waterway had fully reopened. About 20% ⁠of the world's oil supply passes through the waterway.

"Tensions between Washington ‌and Tehran remain high, but the prevailing view ‌is that full-scale armed conflict is unlikely, prompting a wait-and-see approach," said Hiroyuki Kikukawa, chief strategist of ‌Nissan Securities Investment, a unit of Nissan Securities.

"US President Donald Trump does not ‌want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes," Kikukawa added.

A degree of progress was made during Iran talks in Geneva this week but distance remained on some issues, the White House said on Wednesday, ‌adding that it expected Tehran to come back with more details in a couple of weeks.

Iran issued a notice to ⁠airmen (NOTAM) that ⁠it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the US Federal Aviation Administration website.

At the same time, the US has deployed warships near Iran, with US Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with Tehran or pursue "another option".

Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling US-mediated efforts to end the four-year-old war.

US crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.

Official US oil inventory reports from the Energy Information Administration are due on Thursday.


Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
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Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 

Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has toured hospitality facilities and visitor services in Madinah as part of the “Spirit of Ramadan” inspection tour, which also included Jeddah and Makkah.

New data show visitor numbers exceeded 21 million over the past year, a 12 percent increase from 2024, while total tourism spending reached SAR 52 billion (about $13.9 billion), up 22 percent.

The visit focused on assessing the sector’s readiness for the Ramadan season, evaluating service quality, and supporting ongoing and upcoming tourism projects.

Madinah posted strong tourism performance in 2025, driven by higher visitor inflows and expanded hospitality capacity, reinforcing its position as a leading religious destination within Saudi Arabia’s tourism landscape.

Demand growth has been matched by a sharp rise in supply. Licensed hospitality facilities increased to 610, up 35 percent, while the number of licensed rooms surpassed 76,000, a 24 percent gain, strengthening the city’s ability to accommodate during peak seasons such as Ramadan and Hajj.

Travel and tourism offices also grew to more than 240, reflecting a 29 percent expansion in supporting services.

Al-Khateeb said the entry of international hospitality brands and new projects over the past five years underscores both sectoral growth and rising investor confidence in the Kingdom’s tourism ecosystem.

“The landscape today is different. The sector is growing steadily, supported by a system that empowers investors and facilitates their journey, with a promising future ahead,” he said.

To expand hotel capacity, the minister inaugurated the Radisson Hotel Madinah, a project worth more than SAR 39 million (around $10 million) and financed by the Tourism Development Fund.

The 2025 performance signals a shift from traditional seasonal growth toward more sustainable expansion built on diversified offerings, improved service quality, and a stronger contribution to the local economy.