The EQUAL-SALARY Foundation is pleased to announce that The Mauritius Commercial Bank Limited has obtained the EQUAL-SALARY certification, symbolising excellence in pay equality, for all employees in Mauritius Commercial Bank in Mauritius. After successfully passing the statistical analysis of its salaries, Mauritius Commercial Bank underwent an internal audit conducted by PwC and proved that it practices equal pay between women and men.
The EQUAL-SALARY certification is valid for three years, during which the organization must undergo monitoring audits. After three years, if the company wishes to maintain our label, it must renew the salary analysis and undergo a complete audit.
“The Foundation is proud to award the EQUAL-SALARY certification to Mauritius Commercial Bank, the second Mauritian company and the first African bank to receive this distinction. This success demonstrates a deep commitment to pay equality and represents a major competitive advantage by having a positive impact on the social pillar of ESG criteria, attracting and retaining talent, and enhancing the bank’s credibility and reputation. Mauritius Commercial Bank can be proud of this achievement!” commented Noémie Storbeck, co-CEO of the EQUAL-SALARY Foundation.
“Achieving EQUAL-SALARY, a first in Africa for a banking/financial group, confirms our commitment to equal pay for equal work and gender equality within our staff. This certification testifies to our collective efforts and will help us maintain fairness and equality in our workplace,” added Jean Michel Ng Tseung, CEO of MCB Group.
Pay Equality in Practice…
While most companies claim to pay women and men equally, the global gender pay gap remains close to 20% (ILO report, February 2020).
About the EQUAL-SALARY Foundation
EQUAL-SALARY is a non-profit foundation established in 2010. It is the only certification process based on a transparent and robust methodology that focuses on pay equality between women and men. The development of the EQUAL-SALARY certification was financially supported by the Federal Office for Gender Equality (FOGE) and its methodology has been used as a reference in a Swiss Federal Court ruling. It is the only pay equality certification recognized by the European Commission in a report on the gender pay gap. EQUAL-SALARY is a member of EPIC – International Coalition for Pay Equality and the United Nations Global Compact.
To date, the EQUAL-SALARY Foundation has completed over 150 certification processes worldwide. Several certified companies have renewed their commitment, demonstrating a strong will to promote justice, reinforcing trust and respect among their employees, clients, and partners. As an EQUAL-SALARY employer, an organization is in an excellent position to attract and retain talent and to prove that it adheres to good governance practices.
The EQUAL-SALARY Certification Process: A Symbol of Excellence
Similar to an ISO standard for wages, all EQUAL-SALARY certification processes consist of two phases: Firstly, experts engaged by EQUAL-SALARY conduct a statistical analysis of salary data. Once the first phase is successfully completed, demonstrating an overall wage gap of 5 percent or less, the second phase begins. This phase involves an audit conducted by major audit firms such as PwC, Mazars, or SGS, which certify the process’s compliance. During this phase, auditors evaluate both the company’s overall commitment to pay equality and its implementation in human resources processes. To allow for a more in-depth investigation and a more comprehensive approach, employees are involved through surveys and interviews during the on-site audit. Only companies that successfully meet all the requirements of all phases receive the EQUAL-SALARY certification, thereby proving their excellence in pay equality and equal opportunities.
The EQUAL-SALARY certification allows organizations to verify and communicate that they pay their employees equitably based on gender, ethnicity, or both. It is a practical and scientific solution to achieve transparency while preserving confidentiality.
