On 6th April 2017, this law came into force in Iceland, seeking to eliminate the wage gap between men and women in companies with over 250 employees. The law requires information to be published every year on wage structures, breaking these down by individual and gender.
Companies will be required to report on the following data, which will be calculated using the formulas and definitions specified in the law:
- The difference between men’s and women’s average wages
- The difference between the average bonus paid to men and women
- The proportion of men and women receiving a bonus
- The relative proportions of male and female employees in each wage band quartile
Furthermore, companies should attach a written statement attesting to the accuracy and veracity of the information published.
The information required will be published on the company website in such a manner that it can be accessed by all employees and the public; it will remain up on the site for at least 3 years after publication.
You may be interested in:
- Gender wage equality (Germany)
- Gender equality quotas requirement (Portugal)
- Women Matter 2016 (McKinsey)