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What is 'work rated as equivalent'?
The outcome of such an exercise should be a grading system whereby jobs, irrespective of the sex of the jobholders, are ranked in order objectively. It should then be possible to determine the appropriate rate of pay for different jobs, regardless of the sex of the jobholder.
Whether work is rated as equivalent will depend on factors such as the level of skill, responsibility and experience needed for the job, even though the jobs themselves might be quite different.