Accounting Firm PWC Reports It Pays Asians, Other Ethnic Minorities 13% Less Than White Employees
By Ryan General
A high-profile accounting firm based in Britain recently published a report indicating that its Black, Asian, and Minority Ethnic (BAME) employees receive approximately 13% less in salary than their White peers.
PwC, recognized as one of the world’s top four accounting firms, revealed in self-published data on Monday that the BAME pay gap is currently 12.8% while the bonus gap is 35.4%, the Independent reports.
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The company noted that the apparent discrepancy in salary is due to the fact that most BAME employees held junior or administrative roles and not senior positions. It pointed out that for equivalent roles, BAME and non-BAME workers are paid equally.
According to CNBC, the company explained that while not required by U.K. law, the data on BAME pay was produced to determine and discuss a “divergence in pay between BAME staff and other workers”.
“The more transparent we are with our diversity and social mobility data, the more we hold ourselves accountable to achieving real change,” PwC chairman Kevin Ellis was quoted as saying. “We’re hoping that BAME pay reporting can do the same for tackling ethnicity challenges. Our priority is to do all we can to retain our junior BAME talent and improve rates of progression to senior management levels.”
Along the BAME pay gap data, the firm released its gender pay gap figures, which showed that from 15.2% in 2016, the gender pay gap is now reduced to 13.7% for 2017. Additionally, PwC revealed its record U.K. revenues of £3.6 billion ($4.8 billion) for the last financial year, which saw a 5% increase from the previous 12 months.
Last year, a government-commissioned research study revealed that over half of the companies included in the U.K.’s Financial Times Stock Exchange 100 Index had all-white boards. The findings ignited widespread criticism regarding the lack of ethnic diversity in British boardrooms.
Feature image via Wikimedia Commons/Bjørn Erik Pedersen (CC BY 3.0)
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