Women in some of the UK's leading finance companies receive around 80 per cent less in performance-related pay than male colleagues, an inquiry by the Commission has found. The disparity is a major factor behind the massive gender pay gap in the finance sector.
The Commission's Finance Sector Inquiry, published on 7 September, includes data from a questionnaire sent to 50 companies employing 22.6 per cent of workers in the sector. As a whole, the finance sector has one of the highest overall gender pay gaps in the UK economy – with women working full-time earning 55 per cent less annual gross salary than men. This compares to a pay gap of 28 per cent for the economy generally.
The Inquiry is the first time this type of data on gender pay gaps in the sector has been collected, with the Commission using its statutory powers to require companies to provide evidence of their working practices and policies including pay, job evaluations and audits.
See full Press Release.
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