Women paid smaller bonuses in The City than men
8th September 2009
Women in some of the UK's leading companies receive around 80 per cent less in bonuses than their male counterparts, new research has shown.
Nearly all women taking up new jobs in 50 finance companies start on lower salaries than men, according to the Equality and Human Rights Commission's Finance Sector Inquiry.
Women employees earned an average of GBP 2,975 less in annual performance-related pay compared to men, who earned an average of GBP 14,554.
Chair of the commission Trevor Phillips called on the financial sector to address what he called a 'shocking disparity of rewards'.
He said: 'For business to thrive in the new economy it simply can't afford to recruit and reward in the way it has done in the past.
'I'm encouraged by the firms which are developing transparent pay policies and flexible approaches to work. But there aren't enough of them.'
The commission is working closely with the Confederation of British Industry and the Trades Union Congress to develop a way to measure gender pay differences at organisations.