Tuesday, September 22, 2009

UK women way behind men in the pay and bonus stakes

       Women at some of Britain's top banks and finance companies take home bonuses five times smaller than their male colleagues, according to a government-commissioned study released recently.
       The average annual bonus for women was nearly 2,900 pounds (Bt159,000) compaed to about 14,500 pound for men, the report carried out by the Equality and Human Rights commission (EHRC) said.
       The findings come after finance ministers from the Group of 20 largest and fastest-emerging economies called at the weekend for "global standards" on pay but stooped short of backing calls for bonuses to be capped.
       The survey of 44 companies employing almost a quarter of the workforce in the sector also found that most women starting new jobs in finance companies received olower salaries than men.
       The difference in pay for men and women of comparable seniority in firms surveyed was 39 per cent, rising to 47 per cent for total earnings when bonuses, overtime and performance-related payments were taken ibto account.
       The study also showed that fewer than half the companies were making an effort to address the pay gap, with just one in four undertaking a pay audit to ensure women were not paid less than men.
       Trevor Phillips, chairman of the EHRC, said: "The financial sector has the potential to play a central role in Britain's recovery but it has to address this shocking disparity of rewards. "By bringing down arbitarary bariers, and changing practices that, intentionally or not, inhibit women's success, financial firms have the chance to boost morale, bring on new talent and maximise the potential of their existing employees."
       Harriet Harman, Britain's minister for women and equality, said: "We cannot tackle discrimination if it is hidden which is why I asked the commission to produce this report.

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