An 80 per cent gap exists between the performance related pay men and women receive, according to new research.
The inquiry by the Equality and Human Rights Commission found that women employees earned an average of £2,875 in annual performance related pay, compared to an average of £14,554 for men, while the gap in basic annual pay was 39 per cent.
Speaking about the issue, Tatjana Hine, president of the British Association of Women Entrepreneurs, said "the banking sector is the worst that there is regarding differentials between men and women".
She added that men possibly will be quite happy to work until midnight, but women will have other commitments and sometimes a woman would not want to be working that late.
The inquiry, entitled the Finance Inquiry, also found that only 23 per cent of companies report that they have undertaken an equal pay audit.
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Comments
This has been covered by many previous articles and it strikes me there is very little will to do anything about it. Things have to change in the City.
Oh dear me, Ms Hine seems to be providing some sort of justification argument for the pay differential between men and women based on hours worked as we all know hours worked is not always equivalent to productivity i.e. working long hours is not always about working hard. If it's gender inequality then it needs to be addressed not wear a dress. grrrr
Again though these headline figures don't show much do they? I mean maybe (just maybe) there's a difference in the productivity of men and women in the city? I know it's hard to believe but maybe the men deserve to be paid more. Just showing a headline pay differential doesn't reveal any of the underlying factors behind that pay arrangement.