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Pay inequality means women work the rest of the year for free

Category: Industry News, Women, gender, inequality

Pay inequality means women work the rest of the year for free

The gap in pay between genders means women  effectively stop earning today and will work the rest of the year for free, despite the Equal Pay Act being introduced over four decades ago in 1970.

It has been revealed that women in full-time employment are earning 15.7% less than men and this is the equivalent of £5,200 a year between genders.

According to TUC analysis, men in full-time work are twice as likely to earn £50,000 a year as their female counterparts.

The research also revealed that a mere one in 15 women make this annual salary as compared to one in seven men.

For part-time workers the gap is even wider. Overall, British Women earn almost a fifth less than British men.

Women’s prospects of receiving equal pay received a huge dent last year as the gender pay gap widened for the first time in five years.

“It is disgraceful that in 2014, women in the UK still effectively work for free for nearly two months of the year relative to men,” said Dr Eva Neitzert, Deputy CEO of the Fawcett Society, the women’s equality charity behind the “this is what a feminist looks like” t-shirt that David Cameron notably refused to wear last week.

It would take the average woman almost 20 years longer than the average man to earn £1million because for every £1 earned by a man in the UK working part or full-time, a female earns 81p.

The current gender pay gap crisis means that women will not be able to rack up that much money until the age of 70, whereas men will be able to do that at 51.

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VERCIDA works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with VERCIDA to promote your diversity and inclusion initiatives and attract the best candidates, please email [email protected] for more information.

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