We hope you had a great International Women’s Day yesterday and if you were stuck wondering why we even need one, today’s news is a sour serving of both case and point. A new report has revealed that women, on average, can lose up to £300,000 across their working lives due to the pay-gap.
According to The Guardian, figures show a gap of £5,732 on average between the annual salaries of women and men. Over a career of roughly 52 years, that already huge gap that can extrapolated to show that women are susceptible to losing a total of £298,064 across their lifetimes.
Speaking on these numbers, The Fawcett Society spoke out on this huge pay-gap women are having to deal with: “The gender pay-gap becomes a significant lifetime pay penalty. The gap widens for older women and becomes a significant pensions gap in retirement”
“The impact of having children means that as men’s careers take off, women’s often stagnate or decline. Their salaries never fully recover.”
Will this pay-gap madness never end? The solution being, simply put, reform. We also need to stimulate a shifting in attitudes and pressures towards men to make the positive changes in workplace culture.
It needs to easier for men to share care at home with children through flexible working as well opening up part-time senior positions for women who are the primary care-givers.
We could all learn a little something from Sweden who have experienced a massive benefit in increasing the female employment rate to 60%. One report from Women in Work says that this approach could boost the UK’d GDP by £170bn!