When it comes to the fight for equal pay for women, New York City is putting its money where its mouth is. New York City Comptroller Scott Stringer announced Tuesday that the city reached an agreement with several major healthcare and insurance companies, including AIG, Allstate, and UnitedHealth, to make their pay equity information public. The announcement comes just in time for Equal Pay Day, a day that raises awareness about the discrepancy between male and female pay. This year, Equal Pay Day is April 4, but the exact date changes annually, based on the point at which women finally catch up to what men made in the previous year.
The companies participating in Stringer’s new initiative will disclose information about existing discrepancies in gender pay. Other companies will publicize additional information about their employee makeup and salaries, according to a press release shared with Bustle. Allstate, for example, will be releasing a diversity report detailing its compensation review process and pay equity adjustment policies later this year. Aflac will be releasing its female to male salary ratio in its next Corporate Social Responsibility report.
“Not only is it the right thing to do, it’s great for business,” Stringer tells Bustle. “When women succeed, our economy succeeds.”