Boardroom Pay Survey Highlights Gender Gap

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23rd November 2012 12:38 - Business Support

Research recently conducted by the Chartered Management Institute has shown that females who follow an identical career path will earn £400,000 less over their lifetime. 

The average female executive earns £10,060 per year less than her male counterpart. In addition to this, they are also awarded less than half of the male bonus, and are far more likely to be made redundant. 

The survey, which polled 38,843 people in the UK in executive roles, suggests that a male and female starting a business career aged 25 and retiring aged 60 would take home estimated pre-tax totals of £1,516,330 and £1,092,940 respectively. 

The research comes at a time when there is extra attention being given to how much closer women are to achieving equality in the workplace. 

However, whilst the CMI research highlights the unequal pay levels between male and female managers, junior female executives do earn slightly more than males (£21,491 as opposed to £21,128). However, the gap is soon closed and the gender pay gap grows with every step up in an organisation that an employee rises, with female directors earning an average basic salary of £127,257, which is £14,689 less than the average for a male director. 

Labour equalities spokeswoman Kate Green said: "The gender pay gap at the management level is still higher now than it was in 2010, and at this rate, 42 years after the Equal Pay Act was passed, it will take at least another 21 years for management-level pay amongst men and women to be equalised. This is simply not good enough." 

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