Women who work at Mastercard Inc. earn 99.1 cents for every dollar men make for “equal performance at the same level,” according to a report the company released Monday.
The payments network said it will take steps to close this gender pay gap in its current compensation cycle.
Mastercard examines its pay practices annually, and “if disparities are found and not explained in an acceptable manner, appropriate responsive action is taken,” the report said. Its 0.9 percent pay gap is less than the commonly cited national average of 17 percent, which is based on median hourly earnings and doesn’t take into account job title, seniority and other factors that affect compensation. Pay discrimination based on gender is against federal law.
A number of financial-services firms, including Citigroup Inc. and Wells Fargo & Co., have recently disclosed the difference in compensation for their male and female employees. All have said the gap is around 1 percent, after adjusting for factors such as job title, seniority and geography. Most have declined to reveal the calculations that go into that adjustment.
“Gender equality is the foundational core of our commitment to building an inclusive, high-performing culture at the company,” the Mastercard report said. “We remain dedicated to maintaining practices designed to ensure there is equal pay for equal performance at the same level.”