Market Commentary

Finance retains highest gender pay gap

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

Financial and insurance services has remained the sector with the highest total remuneration gender pay gap at 29.3 per cent, according to new data from the government’s Workplace Gender Equality Agency. However, as reported by this year’s Australia’s gender equality scorecard, the finance sector’s pay gap has decreased year on year from its previous 30.3 per cent in 2019, and it has fallen each year from 2013-2014. The national gender total remuneration gap now sits at 20.8 per cent, down 0.5 per cent from last year. On average, Australian men are taking home $25,679 more than their female counterparts every year.

Meanwhile the difference between men and women in average total remuneration for financial services in 2018-2019 was $48,318. The gap in average base salaries sat at 22.2 per cent, or $27,111. The national average difference for base salary was 15.5 per cent, or $15,176 per annum. Finance was among the industries with a lower proportion of women in management compared to women in the workforce, with around 54.7 per cent of employees being women and 41 per cent of leadership roles represented by females.

The rest of this article can be found at investordaily.com.au.

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