Equal pay: The latest on the gender pay gap

Published by Sophie Herdman
Published on 8 November 2012

Imagine there's a country, let's call it the Reunited Kingdom, where people with brown hair get paid less than people with blonde hair. Yep, that's right, the colour of their hair means that they don't get equal pay.

Equal pay The latest on the gender pay gap

Crazy right? That would be totally ridiculous! But actually, when you think about it, it's not all that different from what happens over here in the UK.

Yep, the latest equal paystats are in and it's been found that over the course of their careers, a woman will get paid £423,390 less than a man with an identical career, just because of her sex.

The Equal Pay Act

Let's not forget, the Chartered Management Institute and XpertHR have found this over 40 years after the Equal Pay Act - you know, the one that said it was illegal for men and women to be paid different amounts for doing the same job just because of their sex.

Their stats also show that at management level, women get paid £10,060 less than men. And the higher up the career ladder you go, the worse it gets. Female directors earn an average of £14,689 less than male directors.

Bonuses

Oh, and if you thought things even out when it comes to bonuses, well guess what? Yep, you're wrong. Women get - wait for it - less than half the bonus that men get. The average bonus for a male exec was found to be £7,496, for a female exec it was £3,726.

And once again, it's worse higher up the ladder with 50% of male directors getting bonuses, compared to 36% of female directors. In fact, at £65,000, the average bonus paid to a male director was £7,000 more than that awarded to a female director. £7,000! To be fair, us women would probably spend it all on handbags and high heels, we just can't help ourselves right?*

What's been said

Ann Francke, CMI Chief Executive, said: "A lot of businesses have been focused on getting more women on boards but we've still got a lot to do on equal pay and equal representation in top executive roles.

"We need an immediate and collaborative approach to setting things straight. The Government should demand more transparency from companies on pay, naming and shaming organisations that are perpetuating inequality and celebrating those that achieve equality."

Bang on Francke.

*Note: SARCASM