Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta



Register
Login:
Share:
Email Facebook Twitter


TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake
Exclusive: Hardman & Co Investor Forum - Severn Trent, Calculus Capital, Volta Finance, Residential


Finance & Stock Market News


Money, money, money: It's a rich man's world among UK's high earners

Mon, 25th Feb 2019 16:59


By Amber Milne

LONDON, Feb 25 (Thomson Reuters Foundation) - Almost 80 percent of high earners in Britain are male and the gender pay gap among the nation's richest will not close for another 36 years at current rates of progress, a study showed on Monday.

Some 79 percent of the 860,000 Britons earning more than 100,000 pounds per year ($131,000) were men, investment platform easyMoney said in a study based on government data.

While this is down from 83 percent in 2011, the proportion of women high earners grew by just 0.8 percent annually over the past five years, easyMoney said.

"There is still a long way to go – even though there are cracks, the glass ceiling is very much still there," said easyMoney Chief Executive Andrew de Candole.

The gender pay gap has been a persistent problem in Britain, even though sex discrimination was outlawed in the 1970s.

The country's overall gender pay gap stands at 18.4 percent, according to government data, with an average wage of 28,677 pounds.

Businesses and charities with more than 250 workers must publish figures on their gender pay gap every year under a law introduced in 2018, but they account for less than half Britain's workforce.

Some of Britain's largest employers have been criticised for the slow pace of narrowing their pay gaps.

The gender pay gap, which measures the difference between the average hourly salary of men and women, at HSBC (HSBA.L), Britain's biggest bank, grew to 61 percent in the year to April 2018, up from 59 per cent a year earlier.

The gap also widened at the Bank of England in the past year despite a pledge by Governor Mark Carney to increase the number of women in senior roles.

Women working at the Bank of England were paid an average of 24.6 percent less than male employees in the past year, up from 24.2 percent a year earlier, according to the government equalities office.

"The issue that huge corporates and institutions have to contend with, is the fact that size equates to sluggishness," Hephzi Pemberton, founder of charity Equality Group, told the Thomson Reuters Foundation.

"This isn't necessarily a reflection of the ethos of the company, or their determination to instil change, it's the sheer amount of bureaucracy and long entrenched work cultures that slow this intention down drastically," Pemberton said.

Among companies narrowing their gender pay gap was Royal Dutch Shell (RDSa.AS) whose female employees in Britain earned on average 18.6 percent less than their male colleagues in 2018, the company said last year, narrowing the pay difference from 2017's 22.2 percent.

The global cost of gender pay inequality in the workplace could be more than $160.2 trillion in lost earnings, according to the World Bank. (Reporting by Amber Milne. Editing by Astrid Zweynert @azweynert. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian issues, conflicts, land and property rights, modern slavery and human trafficking, gender equality, climate change and resilience. Visit http://news.trust.org to see more stories)



(c) Copyright Thomson Reuters 2019. Click For Restrictions - https://agency.reuters.com/en/copyright.html




Back to Finance News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk


Home  |  Contact Us  |  About Us  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy  |  Mobile Site  |  About this website design


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.