TAL places genders on (almost) equal footing
Life insurer TAL declared it now provides “almost 100 per cent” equal pay for both male and female employees through its organisation.
The insurer said women are currently paid 98 per cent of their male counterparts’ salaries out of its 1500 employees.
This is up from 82 per cent last year, it said.
“Addressing gender pay equity is not about simply applying a single solution but requires a multi-faceted approach,” TAL chief people and culture officer Andy Moffat said.
This includes looking at direct action where there inequality in particular roles, hiring at the market rate for skills instead of just boosting the current base salary, and clear guidelines when reviewing pay.
TAL is also looking at other gender equality arrangements such as maternity and paternity support, management training on gender equality, and hiring males and females on equal pay for the same roles.
Females make up 47 per cent of TAL’s workforce, while males make up 53 per cent.
The Australian Government’s gender pay gap statistics showed the gap between male and female pay stood at 17.1 per cent for the same roles.
AUTHOR
Malavika Santhebennur
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
