Equity Group confirms Raising Women's Salaries to Bridge Gender Pay Gap

In a recent announcement, Equity Group has confirmed to raise women’s salaries in order to bridge the difference between female and male employees pay. In the year 2023, the gender pay gap of the bank improved when men’s average pay was 25% higher than women which in comparison to 2022’s 32% is lower at the Group level.

However, the bank didn’t disclose the pay parity breakdown in 2023 at a subsidiary level. The bank’s step towards raising pay of women is in the disclosure’s backdrop from the lender that revealed sharp pay disparities in the year 2022 where bank’s Kenyan operations women earned 52% less than men while being in the same positions.

The bank stated, “We are taking proactive measures to progressively address this disparity, including gender balanced shortlists at recruitment stage, internal equity salary adjustments during the salary review cycle and hiring more women in senior management levels.”

Equity group added, “Key challenges in addressing this gap include the number of men in senior positions with longer service than their female colleagues in similar roles. In addition, some countries have more men in management levels of the organization structure than women.”