Iceland, the world’s most gender-equal country has taken a radical step in eradicating the gender equality. The Nordic nation has become the first country in the world to make it illegal for the firms to pay men more than women.
Under the new rule, companies and government agencies employing at least 25 people will have to obtain government certification of their equal-pay policies. Those that fail to establish pay parity will face fines.
Dagny Osk Aradottir Pind, a board member of the Icelandic Women's Rights Association, shared in media that the legislation is primarily a system where companies and organizations will evaluate every job that's being performed, and then they get a certification after they confirm the process if they are paying men and women equally.”
This law comes into the force after the UK reported a 16.9% pay gap between men and women in 2017. Iceland which has been ranked the best in the world for gender equality by the World Economic Forum for nine years in a row arrived that the women, on an average, were earning 14-18 percent less than men in 2016.
Talking specifically about India, according to the World Economic Forum’s “Global Gender Gap Report 2017", India ranks at 108. Earlier Monster Salary Index on gender for 2016 reported the gender pay gap varied from 14.7% in the education and research sector to 21.5% in the banking, financial services and insurance sector and 25.8% in the information technology sector.