For years women fought for the right to vote, and even now, despite this being 2017, we’re still fighting to earn the right to equal pay.
It turns out, on average, women still not only earn less than their male counterparts, but they also progress slower in their careers. Outrageous or what?
SavoyStewart.co.uk investigated the gender pay gap issue further, in order to determine the average pay difference between men and women across the UK per year. Using data extracted from the Office of National Statistics (ONS) about the annual salaries of 2016, they discovered that there is an average gap of £8,840 in full-time salaries between men and women – with men (unfairly) earning 30% more than women each year.
Let’s break this down further:
Last year, the average annual salary for men was £38,652 versus women who only earned £29,313. So there was an average difference of £7,339.
London had the highest pay gap between the annual salaries of men and women last year. Men were paid a whopping £16,541 more than women.
South East and South West England
On top of that, the South East (£9,645) and South West (£7,921) areas had the highest salary differences in 2016.
Surprisingly out of all the countries in the UK, Wales was deemed the most “equal” of gender paying areas last year with a smaller difference than the rest – however men still out-earned women by £5,258.
The North East of England was considered the second-best gender “equal” region, as women earned £5,844 less than men. Yorkshire in particular had the third best pay gap with men earning £6,650 more than their female counterparts.
Most shockingly, if you multiply these annual figures over an average working lifetime of 47 years, women could potentially earn less than £777k in London and in £345k England than their male counterparts when carrying out the same role. Yes, that amount could buy you a house!
Darren Best, MD of Savoy Stewart described the struggles women will have to contend with for the coming years.
“Today, we live in a society where women must work twice as hard as men to achieve ‘equal’ pay, particularly following maternity leave.
“Many experience the ‘motherhood pay penalty’ and are punished by companies at the end of the year for choosing to bear children – a natural process.
“Women are a valuable asset to the working world and our financial position in the UK… so it’s important that businesses identify this and give women in the workplace the same opportunities to prove themselves and climb the career ladder.”
Just to add to all this ‘positive’ news, analysis carried out by Deloitte in 2016 determined that the gender pay gap would not be eliminated until 2069. That will be nearly 100 years after the Equal Pay Act was brought into effect.
The Women’s Equality Party are working towards gaining equal pay for equal work and are calling for all companies to publish their pay data now, in advance of new legislation coming into effect in 2018 which will force them to do so.