In a bid to close the gender pay gap, Citi Singapore has adjusted the pay of its women employees to close the gender pay gap.
According to the Head of Human Resources, Citi Singapore, Jorge Osorio, the company’s female representation at Assistant Vice President to Managing Director level roles has increased from 32 percent in December 2017 to 36 percent in December 2019.
Jorge also said that Citi is committed to diversity and fair pay and that the company has made an assessment of where they are and what they need to do to close the gender pay gap and have announced base salary adjustments to individuals where necessary.
However, while they have advanced their goals, more needs to be done, Jorge said, adding that they are committed to meet their global goal of having at least 40 percent of women in these roles by 2021.
The move comes following two pay equity reviews – the first conducted in January 2018 for employees in the United States, the United Kingdom, and Germany; and the second later in the year for employees globally. Both reviews found that on an adjusted basis, women were paid on average 99 percent of what men were paid at Citi.
A study revealed that the unadjusted total compensation review shows that the median pay for women globally is 71 percent of the median for men. This is mainly due to differences in gender representation at senior levels of the firm which reinforces the importance of increasing the representation of women and U.S. minorities in senior and higher-paying roles at Citi.
In line with the findings, appropriate increases were made globally to close the adjusted gender pay gap in the 2019 compensation cycle. In December 2019, across APAC, Citi promoted 31 percent out of the total 45 managing directors named in Asia this year.
Citi has also implemented several initiatives to augment the support provided to working mothers and encourage those who have left the workforce to return.