Circular No. 10 of 2024 — Disclosure of Gender Pay Gap Data in Annual Report
Legal basis
Section 510 of the Companies Act, 2017, continuing Circular No. 07/2021 (Gender Diversity)
What it does
Directs the board of every listed company to prepare a gender pay gap statement, include it in the annual report, and publish it on the company's website, applicable for financial years ending on or after 30 June 2024. SECP's suggestive format asks for the mean and median gender pay gap: Mean = (A−B)/A × 100, where A is the mean hourly rate of pay of all male full-pay-relevant employees and B is the same for female employees; Median = (C−D)/C × 100, calculated the same way using median hourly rates. "Full-pay relevant employees" are those paid their full basic pay in the relevant period, including cash allowances, holiday/leave pay, and shift premium, but excluding overtime, on-call payments, pension contributions, termination pay, non-cash benefits, interest-free loans, and arrears from other pay periods. The statement is signed by the CEO or a director on behalf of the board.