As International Women’s Day is marked across the globe today, it has been revealed that women are likely to earn £300,000 less than men over the course of their time in work.
The figures show a gap of £5,732, or 24 percent, in average full-time annual salaries between women and men. Four decades have passed since parliament legislated to ensure equal pay was a right.
Over a career of 52 years, that gap translates into a lifetime earnings shortfall of £298,064 for female employees, according to the analysis by the recruitment company Robert Half.
The Fawcett Society, a women’s rights organisation, said the analysis was the latest evidence of a financial price paid by many women after having children.
“The gender pay gap becomes a significant lifetime pay penalty. The gap widens for older women and becomes a significant pensions gap in retirement,” said the Fawcett Society’s chief executive Sam Smethers, told The Guardian.
“The impact of having children means that as men’s careers take off, women’s often stagnate or decline,” she said.
“Their salaries never fully recover. We have to make it easier for men to share care, create flexibility first at work and open up more senior roles as quality part-time jobs.”