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Women Are Paid 50% Less Than Men

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Women in some of the UK's leading finance companies are paid almost 50% less than male counterparts, an inquiry by the has found.

In 2008, the finance sector employed 1.3 million people in Britain, which equates to 4% of the total workforce.  And 51% of employees within the finance sector are women.

The to 50 companies employing 22.6% of workers in the sector.  The companies' responses show nearly all women taking up new jobs start on lower average salaries than men, which suggests the is being further entrenched by recruitment patterns.

The EHRC study also suggests that the sector's age profile may be a key factor blocking women's chances of success.  An unusually high proportion of workers in the sector fall into the 25-39 age group - the age at which women tend to have childcare responsibilities.

Other findings include:

  • Women employees earned an average of £2,875 in annual performance related pay compared to an average of £14,554 for men - a gender pay gap of 80%.

  • The gap in basic annual salary between women and men is 39%.  However, this gender pay gap rises to 47% for total annual earnings when performance related pay, bonuses and overtime are taken into account.

  • Women receive significantly lower performance related pay on average than men in 94% of cases.

  • Women have lower starting salaries on average than men starting in the same period in 86% of cases.

  • There are significant 'in-grade' gender pay gaps, where men and women are assumed to be doing the same or equivalent work, in 63% of cases.

  • Less than half of the companies surveyed make an effort to address the pay gap.

  • Only 23% of companies reported they have undertaken an equal pay audit.

The finance sector has one of the highest gender pay gaps in the UK economy - with women working full-time earning 55% less annual gross salary than men.  This compares to a pay gap of 28% for the economy generally.

** Additional information & advice **

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