Women £300,000 worse off than men - Mitrefinch

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Women £300,000 worse off than men

Published: March 23, 2016

Female workers are nearly £300,000 worse off than their male counterparts, according to new findings.

A report published by Robert Half showed that women earn 24 per cent less than men, with women’s salaries currently £5,732 less than their male counterparts. The analysis found that over a career of 52 years, that gap translates into a lifetime earnings shortfall of £298,064 for female employees

In addition, the study showed that was a faster growth for men’s full-time salaries of 1.6 per cent compared with 1.4 per cent for women in the year to April 2015. As a result, this took the median gross pay for full-time male employees to £29,934, compared with £24,202 for women.

Speaking about the findings, Katy Tanner, a director at Robert Half UK, said: “Creating a diverse talent pool is becoming more of a priority as the skills shortage heats up and business leaders focus on attracting and retaining talent. As in-demand candidates continue to be in the driver’s seat, employers are needing to offer competitive remuneration and benefits packages above industry averages.”

The Fawcett Society said that single mothers were more likely to face a high financial price after having children.

It added that the gender pay divide remains a significant “lifetime pay penalty” for many women.

The Fawcett Society’s chief executive Sam Smethers said: “The gap widens for older women and becomes a significant pensions gap in retirement.

“The impact of having children means that as men’s careers take off, women’s often stagnate or decline. Their salaries never fully recover. We have to make it easier for men to share care, create flexibility first at work and open up more senior roles as quality part-time jobs.”

Mitrefinch offers payroll software which can help firms accurately calculate how much each employee should be getting.

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