Citi Singapore has adjusted the pay for women staff who earn less than their male peers for equal task performed. The bank’s decision aims to bridge the gender pay gap, the media reports said.
Previously, Citi’s women staff did not receive equal compensation compared to their male peers. The bank carried out a global pay equity review to develop measures to close the gender pay gap. Following that, it has announced salary adjustments to its select women staff. The review was released in January 2019.
According to the review, women were paid on average 99 percent of what their male peers were paid on an adjusted basis, the media reported. The adjust pay gap points to pay including base salary and bonuses for equal work which has been adjusted considering key factors such as job designation, geography and job function.
Jorge Osorio, head of human resources, Citi Singapore, was quoted in Business Times, “While we have moved forward in our goals, more needs to be done. We are committed to meet our global goal of having at least 40 percent of women in these roles by 2021 and to provide a level playing field to all our employees to enable them to succeed.”
Last December, Citi promoted 14 women equal to 31 percent of the total 45 managing directors in the region. The numbers have increased from 21 percent in the year before.
The Ministry of Manpower and the National University of Singapore shows that women in the city-state earned 6 percent less than men in 2018. This was after adjusting factors such as occupation, age and education. Despite the gender gap pay reduced from 8.8 percent in 2002, senior roles are still male dominated, the study concluded.