the gender pay gap ... will transparency laws help?

Gender pay discrepancy has been a topic of discussion for years, but now British companies are finally taking action to close the gap.

CNN/Money correspondent Ivana Kottasova reports that firms will now have to publish any information about gender gaps in salaries and bonuses starting in 2018. This new rule will apply to companies with more than 250 employees, and nearly 8,000 companies will have to publish the number of men and women in each pay range.

The gender pay gap stands at 66% in the U.K., according to the World Economic Forum. That means women earn about two-thirds of what men make for similar work.

While the pay gap has been closing for decades, the progress has stalled in the last few years. It will now take 118 years for the economic gap between men and women to close, the WEF said in its latest Global Gender Gap report.

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