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19/08/2014
New Data Shows Women Hit By 'Mid-Life Pay Crisis'
Female managers over 40 years old are earning 35% less than men, according to new data by the Chartered Management Institute (CMI) and XpertHR.
To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
Analysis of the National Management Salary Survey, which covers over 68,000 professional UK workers, shows the monetary value of the gap between men and women aged between 45 and 60 stands at £16,680 per year.
Including men and women of all ages, the current gender pay gap for managers stands at £9,069, with the average salary recorded as £39,461 for men and £30,392 for women. This means women are earning only three-quarters (77%) of what men in full-time comparable jobs earn, a 23% gender pay gap.
Yet, the gap is far worse for women aged 40-plus, where the problem is two-fold. Not only does the salary gap increase with age and seniority, but there is also a persistent 'bonus pay gap'. The average bonus for a female director stands at £41,956, while for male directors the average pay-out is £53,010.
Ann Francke, Chief Executive of CMI, said: "Lower levels of pay for women managers cannot be justified, yet our extensive data shows the pay gap persists, with many women hit by a 'mid-life pay crisis'. Women and men should be paid on the basis of their performance in their particular roles, but this is clearly not yet the case for far too many.
"It's not right that women would have to work until almost 80 for the same pay rewards as men. We have to stamp out cultures that excuse this as the result of time out for motherhood and tackle gender bias in pay policies that put too much emphasis on time served."
(CD/JP)
To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
Analysis of the National Management Salary Survey, which covers over 68,000 professional UK workers, shows the monetary value of the gap between men and women aged between 45 and 60 stands at £16,680 per year.
Including men and women of all ages, the current gender pay gap for managers stands at £9,069, with the average salary recorded as £39,461 for men and £30,392 for women. This means women are earning only three-quarters (77%) of what men in full-time comparable jobs earn, a 23% gender pay gap.
Yet, the gap is far worse for women aged 40-plus, where the problem is two-fold. Not only does the salary gap increase with age and seniority, but there is also a persistent 'bonus pay gap'. The average bonus for a female director stands at £41,956, while for male directors the average pay-out is £53,010.
Ann Francke, Chief Executive of CMI, said: "Lower levels of pay for women managers cannot be justified, yet our extensive data shows the pay gap persists, with many women hit by a 'mid-life pay crisis'. Women and men should be paid on the basis of their performance in their particular roles, but this is clearly not yet the case for far too many.
"It's not right that women would have to work until almost 80 for the same pay rewards as men. We have to stamp out cultures that excuse this as the result of time out for motherhood and tackle gender bias in pay policies that put too much emphasis on time served."
(CD/JP)
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