The Central Bank of Iceland’s gender-based pay gap in 2020 is 1.6% in favour of women, according to the pay analysis conducted in September 2020. Iceland’s equal pay for equal work system is still in the early stages, but initial signs suggest that requiring organizations prove they compensate employees fairly may be very effective. The analysis therefore revealed that there is no unexplained gender-based pay gap at the Bank. Much more effective, in any case, than the alternatives currently in place elsewhere. According to the Office of National Statistics, the overall UK mean gender pay gap is 17.9%. Equal pay - paying men and women the same for jobs of equal value - has been a legal requirement in Iceland, the UK and many other countries for decades. The UK came in 15th place in 2017, with a 16.9 per cent pay gap between men and women. Iceland is committed to closing the gender pay gap by 2022, building on its proven track record on advancing gender equality. Now one country has decided to end the gender pay gap once and for all. The gap between men’s and women’s pay is a global problem. This is part of Iceland's earlier announcement that the island intends to eradicate the gender pay gap by 2022. In case it isn't clear to you yet, Europe hates flourishing economies. Updated / Monday, 9 Nov 2020 18:20 According to Eurostat, Ireland's GPG has fallen from 17.3% in 2007, to 14.4% in 2017 The gender pay gap still exists in Iceland. Minding the Nordic Inequality Gap A part of the world considered to be the most gender-equal still has obstacles for women, analysts say. The analysis therefore revealed that there is no unexplained gender-based pay gap at the Bank. It is not a perfect system, but the climate women live in is a lot healthier and fair than in most countries. Introduced in 2018, the policy requires companies and institutions with more than 25… A long history of women’s suffrage, female politicians, and now equal family responsibilities has created a mindset of equality and power for Icelandic women. We are therefore encouraged that our gender pay gap is significantly below the national average, with Iceland’s mean gender pay gap standing at 13.5% with the median gender pay standing at 11.8% . The Central Bank of Iceland's gender-based pay gap in 2020 is 1.6% in favour of women, according to the pay analysis conducted in September 2020. The gender pay gap - Why are women still earning less than men? The Central Bank set for itself the objective of reducing the gender-based pay gap to below 2% by 2020. Its new session of Parliament has the highest share of women parliamentarians yet, at about 45 per cent, and 6 per cent of Icelandic men are HeforShe champions. 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