New salary figures released have identified a ‘mid-life pay crisis’ affecting female managers. Women over 40 are currently earning 35% less than men.
In order to earn the same as a male manager over the lifetime of their careers women will need to work 14 years longer – until they are nearly 80 years of age.
The data is published annually by the Chartered Management Institute and salary specialists XpertHR. The figures give a snapshot of widening gender pay innequalities among managers which is affecting professional women the most in the latter half of their working lives.
The National Management Salary Survey, involving 68,000 professional UK workers outlines the actual monetary value of the pay gap between men and women aged between 45 and 60 as being £16,680 per year.
Furthermore, there is also a consistent ‘bonus pay gap’. With the average bonus for a female director set at £41,956, while for male directors the average bonus is £53,010.
Ann Francke, Chief Executive of CMI, says:
“Lower levels of pay for women managers cannot be justified, yet our extensive data shows the pay gap persists, with many women hit by a ‘mid-life pay crisis’. Women and men should be paid on the basis of their performance in their particular roles, but this is clearly not yet the case for far too many. It’s not right that women would have to work until almost 80 for the same pay rewards as men.”
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