Summary
Progress in closing the gender pay gap may take until 2056, as current figures show a 12.8% difference in average wages between men and women. The gap is most significant in the finance and insurance industry, while it is smaller in the leisure sector. The Trades Union Congress suggests that improved access to flexible working and childcare could help reduce this disparity.
Key Facts
- The gender pay gap is currently 12.8%, meaning men earn more than women on average.
- In the finance and insurance industry, the gap is widest at 27.2%.
- In the leisure service sector, the gap is smallest at 1.5%.
- Women effectively work 47 days of the year for free because of this pay gap.
- Employers with over 250 UK employees must report their pay data.
- Industries like education and health have significant gender pay gaps, despite having more female employees.
- The gap is widest among workers aged 50-59, partly due to career breaks for family care.
- The Trades Union Congress suggests increasing flexible work and childcare to close the gap.
