8.6 C
New York
Friday, December 9, 2022
Home Challanger banks Female Revolut workers are still paid 25 % less than men

Female Revolut workers are still paid 25 % less than men

Revolut has a 25 percent pay gap. At the same time Monzo, Starling and Wise have 20 percent.

The gender pay gap is the difference between the average earnings of men and women across the workforce.

UK companies with 250+ employees are legally required to report annually on their gender pay gap. The report covers UK employees, and it’s a snapshot taken by all reporting companies on the same date, in this case, 5 April 2021.

For every £1 men are paid at the company, women receive 75p.

Last year, Revolut’s median gender bonus gap was a shade over 60 percent and its hourly pay gap was 31.3 percent.

“This year’s UK gender pay gap report demonstrates that we must do more to ensure women are provided with fair and equitable opportunities here at Revolut,” Nik Storonsky, chief executive and co-founder of Revolut, said.

“As chief executive, it’s my duty to make this a reality, so that next year and in the years following, we can report an ever greater reduction in our gender pay gap,” he added.

Since reporting their 2020 gender pay gap, Revolut has taken the following steps:

  • Launched Diversity & Inclusion (D&I) Framework, aimed at accelerating progress on this important topic. The framework is made up of eight strategic pillars, with focuses including strengthening senior leadership advocacy and supporting the development of diverse talent
  • Appointed a D&I specialist, who holds responsibility for the design and delivery of our D&I framework
  • Gold Sponsors of the Women in Tech Forum, which provides female Revoluters with development and networking opportunities
  • They’ve extended our Maternity Leave provision in the UK from 16 to 26 weeks
  • Listened to the experiences of Revoluters across the globe in February 2022 through D&I focus groups
  • Relaunched #CountMeIn, a diversity data collection campaign to help them better understand where they need to focus our efforts in relation to D&I. So far, over 40% of Revoluters have shared their diversity data with us, and Revolut hopse to encourage more colleagues to do the same over the next few weeks and months
  • In March 2022, over 100 female Revoluters attended three-speed mentoring events, aimed at supporting their career development

While Monzo only saw a 0.1 percentage point decrease in its mean hourly pay, it still remains the smallest gap at 15.6 percent. It also saw the greatest decrease in the median hourly pay gap of 10 percentage points, from 14.3 to just 4.3, making it by far the smallest pay gap.

Starling also saw good improvement, and now sits at 16.1 percent and 10.3 percent difference in mean and median hourly pay gaps respectively.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Curve has secured a $1 billion credit line from Credit Suisse to launch Curve Flex

Curve is a financial service provider that connects debit and credit cards into one. With great exchange rates, rewards, and insights across...

Revolut won’t refund money to a woman who got scammed of £8,000 from her Vaults

Deborah Wright lost £8,000 of savings from her Revolut accounts to fraud in October, BBC reported.

TS Anil, CEO of Monzo, claims the bank will turn into profit in 2023

“We will be profitable in the next financial year,” TS Anil, chief executive of Monzo, told the FT’s banking summit on Thursday.

Klarna launched the platform that helps retailers to increase sales by 300% 

Recently the world-leading global retail bank Klarna has launched their new Creator platform that helps retailers find influencers best suited to their...