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Women in their fifties face £7,000 pay gap

Older ladies staff face the best gender pay gap in the nation with these aged greater than 50 paid on common £7,000 lower than their male counterparts.

Research being printed at this time reveals a 24 per cent distinction between the median gross annual pay of full-time working women and men aged in their fifties. That gap rose to 26 per cent for ladies staff aged older than 60.

A survey for Rest Less, an organisation that gives work recommendation to the over-50s, discovered that girls aged between 50 and 59 earned a median wage of £30,603. That was £7,274 lower than males in the identical age group.

The analysis crew in contrast this yr’s knowledge with the earlier ten years and located that whereas the nationwide gender pay gap throughout all ages had narrowed from 24 per cent in 2012 to 19 per cent this yr, it remained at its highest for these in their fifties and sixties.

The organisation attributed a lot of the gender pay gap for older ladies to the burden of caring obligations, which primarily nonetheless fall on ladies.

“Women can miss out on salary progression during their careers, which compounds as time goes on, widening the gender pay gap as we age,” Stuart Lewis, the chief govt of Rest Less, mentioned. He added that the gender pay gap for older staff “can have devastating long-term consequences on women’s retirement provision and financial independence into later life”.

Lewis pointed to a “significant private pension savings gap between men and women”, saying it was “no surprise when you see decades of the gender pay gap only getting worse in the run-up to retirement, a time in life when people are typically trying to save as much as they possibly can into their pensions”.

The state pension age for women and men has been unified at 66; however Lewis mentioned that the “retirement fortunes of men and women remain anything but equal”.

The newest figures from the Office for National Statistics confirmed the gender pay gap in the UK amongst full-time staff hit 8.3 per cent this yr, up from 7.7 per cent final yr. It mentioned: “There remains a large difference in the gender pay gap between employees aged over 40 and those aged below 40.”

The gender pay gap is calculated because the distinction between the typical hourly earnings of women and men as a proportion of males’s common hourly earnings.

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