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No Gender-Based Pay Gap at the Central Bank of Iceland

The Central Bank of Iceland’s gender-based pay gap in 2020 is 1.6% in favour of women, according to the pay analysis conducted in September 2020. The analysis therefore revealed that there is no unexplained gender-based pay gap at the Bank. The Central Bank set for itself the objective of reducing the gender-based pay gap to below 2% by 2020. The Bank employs 145 men and 127 women, reflecting the increased size of the staff following the merger of the Central Bank and the Financial Supervisory Authority at the beginning of 2020.

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The Bank was awarded equal pay certification at the beginning of 2019. The Central Bank set for itself the objective of reducing the gender-based pay gap to below 2.5% by 2019. The analysis from 2019 showed that female employees’ pay was 1.82% higher than male employees’ pay, and that the Bank employed 86 men and 85 women. This small difference was not considered statistically significant, and the results therefore indicated that there was no unexplained gender-based pay gap at the Bank.

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