The Central Bank set for itself the objective of reducing the gender-based pay gap to below 2% by 2020. The analysis therefore revealed that there is no unexplained gender-based pay gap at the Bank. Much more effective, in any case, than the alternatives currently in place elsewhere. In case it isn't clear to you yet, Europe hates flourishing economies. A long history of women’s suffrage, female politicians, and now equal family responsibilities has created a mindset of equality and power for Icelandic women. Now one country has decided to end the gender pay gap once and for all. Introduced in 2018, the policy requires companies and institutions with more than 25… It is not a perfect system, but the climate women live in is a lot healthier and fair than in most countries. According to the Office of National Statistics, the overall UK mean gender pay gap is 17.9%. Its new session of Parliament has the highest share of women parliamentarians yet, at about 45 per cent, and 6 per cent of Icelandic men are HeforShe champions. We are therefore encouraged that our gender pay gap is significantly below the national average, with Iceland’s mean gender pay gap standing at 13.5% with the median gender pay standing at 11.8% . The gender pay gap still exists in Iceland. Iceland's government has committed to eradicate the gender pay gap by 2022 . To get started, they’re making it illegal to pay men more than women doing the same jobs. The analysis therefore revealed that there is no unexplained gender-based pay gap at the Bank. Iceland’s equal pay for equal work system is still in the early stages, but initial signs suggest that requiring organizations prove they compensate employees fairly may be very effective. Iceland has declared for itself a pretty ambitious goal: to close the gender wage gap by 2020. The UK came in 15th place in 2017, with a 16.9 per cent pay gap between men and women. Hence the constant government regulations . This is part of Iceland's earlier announcement that the island intends to eradicate the gender pay gap by 2022. Minding the Nordic Inequality Gap A part of the world considered to be the most gender-equal still has obstacles for women, analysts say. The gender pay gap - Why are women still earning less than men? The gap between men’s and women’s pay is a global problem. 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 Central Bank set for itself the objective of reducing the gender-based pay gap to below 2% by 2020. 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