Women in finance lose 42% of pay packet in gender gap
According to Opportunity Now, the gender campaign from Business in the Community, the financial sector needs to more progressive on reforming pay inequality in the workplace.In the UK, working women suffer a 21% pay gap, much higher than their EU counterparts who earn an average 17.4% lower salary than men.
Rachael Saunders, policy adviser at Opportunity Now, told AOL Money: "Equal pay in the workplace is still a challenge in the UK. We want to see more flexibility for women, with opportunities for career progession and a better balance in the boardroom.
"In the financial sector there is a 41.8% pay gap for women compared to an average median of 19.5% across UK business."
The Government's Equality Bill aims to tackle the gender pay crisis however under the current rate of progress, there will be no parity between male and female salaries until 2085.
"If we are to be an equal and fair society we have to reduce the gender pay gap now – not wait 73 years," added Saunders.
Opportunity Now is lobbying the government and business to speed up equal pay audits and have a more transparent system in place by 2014 where UK companies regularly publish internal pay structures.
The European Commission today launched a new web campaign to mark European Equal Pay Day (March 2), ahead of International Women's Day (8 March), highlighting the absurdity of wage disparity across Europe.
According to EC data, the pay gap ranges from less than 10% in Italy, Malta, Poland, Slovenia and Belgium, to more than 20% in Slovakia, Cyprus, Germany, and Greece. In Estonia, the Czech Republic and Austria the divide reaches over 25%.