Amendment of the Male and Female Workers Equal Pay Law in Public Companies – Emphasis and Updates Prior to Submitting Reports
01 May, 2022
The Male and Female Workers Equal Pay Law, 1996 aims to promote equal work pay.
In 2020, a significant amendment was made to the Equal Pay Law, under which employers to whom the law applies will be required to prepare an internal report once a year, which includes a breakdown of workers into groups, detailing the average wage gap between men and women in percentages in each group. In addition, these employers will be required to provide individual notices to employees and publish a public report once a year, based on the internal report data.
The aforesaid amendment applies to any employer who employs more than 518 employees as well as to any entity (even if it employs less than 518 employees) that is obliged by the first appendix to the law, to publish information or report the salaries of employees and officers, including public companies and private bond companies, which are required to report on the remuneration of their senior executives pursuant to Regulation 21 of the Securities Regulations (Periodic and Immediate Statements), 1970.
These companies will soon have to publish the reports and deliver the notices to employees for 2021. Ahead of this date, we will hold a webinar in which we will discuss the main points of the amendment to the Equal Pay Law and the required preparation for companies.