New measures to be introduced to tackle ‘shocking’ gender pay gap

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A survey has found that women in the UK’s financial sector receive around 80% less pay than their male counterparts.

The Equality and Human Rights Commission (EHRC) established that, on average, women earn £2,875 in performance related pay, compared to £14,554 for men.

Published today, the Commission’s Finance Sector Inquiry, is the first time this type of data on gender pay gaps in the sector has been gathered.

Trevor Phillips, the EHRC’s chairman, described the findings as a ‘shocking disparity’.

In response, Equality Minister Harriet Harman, said new measures are to be introduced by the Government to tackle the gender pay gap.

Mr Phillips comments: “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.”

“By bringing down arbitrary barriers, and changing practices that, intentionally or not, inhibit women’s success, financial firms have the chance to boost morale, bring on new talent, and maximise the potential of their existing employees,” adds Mr Phillips.

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