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At AIA we are committed to helping people live Healthier, Longer, Better Lives. We believe a fundamental part of this is championing the fair and equitable treatment of everyone – our customers, our partners, and our people.
In March 2022 AIA NZ opted to publish our gender pay gap publicly. We did this to encourage the gender pay conversation, as well as to ensure that as an organisation we hold ourselves accountable for addressing our current pay gap and commit to making improvements.
A pay gap is the difference between the median rates of pay for different groups of people in an organisation.
A gender pay gap shows the difference between pay for men and women. The calculation of the gender pay gap can be seen below:
This calculation provides a percentage figure. A pay gap of 10% for example would mean the average man was earning 10% more than the average woman, regardless of type of work they do or hours they work.
While this figure doesn’t compare like-for-like pay equity, it does give insight into the kinds of jobs men and women are generally undertaking, and the average rates of pay for these.
According to Stats NZ, New Zealand’s total pay gap is 9.1%, however other studies have shown the figure at 18.5%. Looking closer to home, the pay gap for the financial services industry is 31%.
In 2022, AIA NZ’s gender pay gap is 19.1%. This means that the median pay for men is 19.1% higher than the median pay for women.
No. It means that a greater proportion of men occupy higher paying roles at AIA. It is not based on a comparison of like-for-like roles.
At AIA we’re confident that men and women receive equal money for doing equal work. Across our pay bands, sometimes men are paid more, and sometimes women.
Women outnumber men at AIA NZ in all pay quartiles. However, we have a larger proportion of women in our lower paying roles such as customer service, and a smaller proportion in our highest paying roles.
Also, although 75% of our Board and 66% of our Executive leaders are women, 60% of our senior leaders are men. This is why we have a larger pay gap in the upper quartile.
We acknowledge action needs to be taken to reduce our current gap, and we are focused on making changes to bring about greater equality.
Key areas of focus include: