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The gender pay gap continues to grow

It has been revealed that there is a substantial gender pay gap in the UK finance sector with figures suggesting women working in fund management and stockbroking are receiving 60% less in annual gross salary compared to their male counterparts. While there have for many years been suspicions that woman in the finance industry in particular were being severely short-changed with regards to salaries, the figure of up to 60% is alarming to say the least.

The gender pay gap is reported to be around 45% towards the top end of the financial industry with lower paid roles showing a difference of around 16%. The average for the finance sector as a whole, for women in full-time employment, is reported at around 55% which is roughly double the national average gender pay gap. Despite a number of employment laws introduced by the Labour government it appears that the difference between male and female annual salaries across the UK, and in particular in the finance industry, is still worryingly wide.

The trade unions have been very proactive in highlighting the situation across the UK and the suggestion that women in finance are earning 60% less than their male counterparts has shocked many. It seems inevitable, at some stage, that the UK government will attempt to reduce the difference but this is likely to take years rather than months to complete.

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