The Bill, announced by the Queen at the state opening of Parliament, will replace several complicated laws and regulations regarding race, age, sex discrimination and disability.
The Queen said: "My Government is committed to ensuring everyone has a fair chance in life. My Government will bring forward a Bill to promote equality, fight discrimination and introduce transparency in the workplace to help address the difference in pay between men and women."
Public bodies will also have to report on pay inequalities as a means of increasing transparency and equality.
Sam Mercer, director of workplace at Business in the Community, said: "We welcome the Government's intention to make UK society fairer.
"The lack of progress in closing the gap on gender pay and employment opportunities for ethnic minorities makes new legislation a necessity. Without deliberate targeting of these issues, a fairer society with opportunities for all, will remain an unfulfilled aspiration. But Government needs to recognise discrimination is a deep rooted cultural issue and the Single Equality will not be an instant remedy."
But Tim Medcalf, product strategy manager at HR service provider NorthgateArinso, does not think the proposals outlined in the Queen's speech will make much difference to equality at work. He said: "Dealing with pay inequality is not a box that can be ticked and then forgotten about. In order to be considered an employer of choice organisations must underpin their pay frameworks with clear and consistent equality guidelines.
"The measures outlined in the Equality Bill will go some way to slowing down the creation of new problems. However, to completely eradicate existing disparities organisations need to take a look at employees' current pay to ensure they are complying with laws already nearly 40 years old."
