Japan is Making Companies Publish their Gender Pay Gap

Japan has the worst gender pay gap in the G7, standing at an estimated 22%. The country ranks 116th in the World Economic Forum’s Global Gender Gap rankings. Japanese law already states that men and women must be paid equally for the same work. From June, businesses must report their gender pay gap as a percentage, displaying it on the company website and providing valid reasons for any difference. The rules will apply to any company with more than 300 staff and will affect 18,000 firms. It’s all part of Prime Minister Fumio Kishida’s ‘new capitalism’ action plan, which aims to address Japan’s growing labor shortages and boost growth. The World Economic Forum and the Government of Japan co-launched the Japan Gender Parity Accelerator. It’s working with more than 300 companies to close the gender pay gap. How would you close the gender pay gap?