Gender Pay Gap Continues To Widen For Women
Women in management position still earn significantly less than their male counterparts, according to a new report.
The Chartered Management Institute (CMI) said the pay gap is widening and for women in their 40s earnings are more than a third less than men.
The CMI survey of 68,000 managers across the UK showed there was a £9,000 pay differential, equivalent to 23%, which increased as women got older.
It added that annual bonuses for female directors were also lower, by £11,000, at slightly below £42,000.
As a result of the disparity, a woman must work 14 years longer over a lifetime to earn the same amount of money, the report said.
CMI chief executive Ann Francke 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.
The CMI said it is not acceptable to use raising children or "time served" as excuses for the gap.
XpertHR head of salary surveys Mark Crail, who helped with the study, said: "The data shows that women begin to fall behind at the age when they are most likely to be starting a family, and it just gets worse from then on.
"It appears that employers often give up on women in mid-career and are missing out on a huge pool of untapped knowledge, experience and talent."