Being a women costs 14 more years at work
New salary figures show that a ‘mid-life pay crisis’ is hitting female managers, with women aged 40-plus earning 34% less than men. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more – which, based on a pension age of 65, would mean working until nearly 80.
The staggering figures are among those revealed in the CMI’s latest annual data on the gender pay gap, published in partnership with salary specialists, XpertHR. The survey, which covers over 68,000 professional UK workers, identifies a gender pay gap that hits professional women hardest in the second half of their working lives.
The monetary value of the pay gap between men and women aged between 45 and 60 stands at £16,680 per year – and across all age bands, the average gap is 23%, or £9,069 per year.
“This means women are earning only three-quarters (77%) of what men in full-time comparable jobs earn,” the CMI said. “Yet the gap is far worse for women aged 40-plus, where the problem is twofold. Not only does the salary gap increase with age and seniority, but there is also a persistent “bonus pay gap”. The average bonus for a female director stands at £41,956, while for male directors the average payout is £53,010.”