Women working at some of the Britain's leading finance companies receive around 80 per cent less performance-related pay compared to their male colleagues, a report has said.
According to the report by Equality and Human Right Commission (EHRC), nearly all female workers taking up new jobs in finance companies still start on lower average salaries than men, suggesting the gender gap is being further entrenched by recruitment patterns.
The report by the Commission, which covered 50 companies employing 22.6 per cent of workers in the finance sector, found that women employees earned an average of 2,875 pounds in annual performance related pay against an average of 14,554 pounds for male colleagues.
In terms of basic salary, the pay gap is 39 per cent. However, this gender pay gap rises to 47 per cent for annual total earnings when performance related pay, bonuses and overtime are taken into account, the report said.
"The financial sector has the potential to play a central role in Britain's recovery. But it has to address this shocking disparity of rewards. 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," the chairman of the Commission, Trevor Phillips, said.
