- Tuesday, 8 September 2009Women could be likelier than men to enter into an
individual voluntary agreement (IVA) as a result of a "shocking disparity" in pay conditions.
According to new figures from the Equality and Human Rights Commission, in some of the UK's top financial firms women earn up to 80 per cent less than their male colleagues in performance related pay.
The average annual performance related pay for females stands at £2,875 compared to £14,554 for men.
With regular salaries, bonuses and overtime also included, the overall difference in pay comes to 47 per cent.
Trevor Phillips, chair of the Commission said: "The Financial sector has the potential to play a central role in Britain’s recovery. But it has to address this shocking disparity of rewards.
"For business to thrive in the new economy it simply can't afford to recruit and reward in the way it has done in the past."
The Fawcett Society has highlighted that 30,000 women lose their jobs every year as a result of pregnancy.
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