Women executives still face inequality in UK

equal-pay.jpg
Despite now being in a majority female executives still earn less than
their male counterparts

 

Scottish News: Women executives still face inequality in UK

by Laura Wilkinson

A study released today by the Chartered Management Institute (CMI) has found the female executive in UK businesses will earn £423,390 on average less over a lifetime than their male counterparts who follow identical career paths. The report that surveyed 38,000 participants suggests women continue to suffer gender-pay discrimination in the workplace.

Average female executive earnings are £127,257 a year in comparison to £141,946 received by male executives - with women bosses earning a substantial £14,689 less a year on average.

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Discrepancies in earnings are further extended to bonuses with women executives receiving £3,726 yearly average bonus; roughly half of the male executive average bonus of £7,496.

The research also found that women were more likely to be made redundant. In the last year, 4.3 percent of female executives were made redundant whereas 3.2 percent of male executives faced the chop.

Ann Francke, chief of the CMI, claimed that firing female executives was “totally counter-intuitive” in light of recent moves by government and many firms to improve female representation on executive boards. She stressed that further moves towards equal pay needed to continue.

Kate Green, Labour’s equalities spokesperson voiced “continued disappointment” in the findings and coalition government action over refusing to introduce voluntary equal pay audits.

However, the report shows the percentage of women in the executive workforce to be 57 per cent, the largest since CMI records began in 1995 but only 24 percent of chief executives are female.

Figures from the Professional Boards Forum show a 4.8 percentage point increase in the number of female directors of FTSE100 companies to 17.3 percent since 2011. Lord Davies 2011 report recommended a voluntary target of 25 percent board seats to be held by women.

 

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