Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Women in their fifties face £7,000 pay gap

by December 5, 2022
December 5, 2022
Women in their fifties face £7,000 pay gap

Older women workers face the highest gender pay gap in the country with those aged more than 50 paid on average £7,000 less than their male counterparts.

Research being published today reveals a 24 per cent difference between the median gross annual pay of full-time working men and women aged in their fifties. That gap rose to 26 per cent for women workers aged older than 60.

A survey for Rest Less, an organisation that provides work advice to the over-50s, found that women aged between 50 and 59 earned an average salary of £30,603. That was £7,274 less than men in the same age group.

The research team compared this year’s data with the previous ten years and found that while the national gender pay gap across all ages had narrowed from 24 per cent in 2012 to 19 per cent this year, it remained at its highest for those in their fifties and sixties.

The organisation attributed much of the gender pay gap for older women to the burden of caring responsibilities, which primarily still fall on women.

“Women can miss out on salary progression during their careers, which compounds as time goes on, widening the gender pay gap as we age,” Stuart Lewis, the chief executive of Rest Less, said. He added that the gender pay gap for older workers “can have devastating long-term consequences on women’s retirement provision and financial independence into later life”.

Lewis pointed to a “significant private pension savings gap between men and women”, saying it was “no surprise when you see decades of the gender pay gap only getting worse in the run-up to retirement, a time in life when people are typically trying to save as much as they possibly can into their pensions”.

The state pension age for men and women has been unified at 66; but Lewis said that the “retirement fortunes of men and women remain anything but equal”.

The latest figures from the Office for National Statistics showed the gender pay gap in the UK among full-time employees hit 8.3 per cent this year, up from 7.7 per cent last year. It said: “There remains a large difference in the gender pay gap between employees aged over 40 and those aged below 40.”

The gender pay gap is calculated as the difference between the average hourly earnings of men and women as a proportion of men’s average hourly earnings.

Read more:
Women in their fifties face £7,000 pay gap

0
FacebookTwitterGoogle +Pinterest
previous post
EU set to relax state aid rules to compete with US
next post
UK staff to have legal right to ask for flexible working from day one in job

You may also like

Scottish salmon is named UK’s top food export...

February 15, 2024

McLaren receives £30m boost from Bahraini owners

February 5, 2024

One in four workers fear AI could cost...

April 28, 2025

The Rise of Private Renting in the UK:...

February 9, 2024

SMEs bring forward finance plans in order to...

August 8, 2022

6 ways the cost of living crisis is...

January 28, 2023

Jungle murals for the wall as an idea...

December 30, 2022

Small businesses sceptical of cutting carbon footprint

August 1, 2022

Reeves collects record £2.2bn from ‘death tax’ ahead...

October 23, 2024

A third of workers seek jobs that offer...

July 19, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • NDAs banning harassment and discrimination disclosures to be void under new UK workplace reforms

      August 7, 2025
    • Bank of England cuts interest rates to 4% in historic two-round vote amid economic slowdown

      August 7, 2025
    • Trump-Putin meeting agreed upon ‘in principle,’ Kremlin aide indicates

      August 7, 2025
    • Why Transparency and Trust Are Crucial for UK FX Brokers in 2025

      August 7, 2025
    • Smarter Condo Communities Start with Better Finances and Better Software

      August 7, 2025
    • 3 Smart Ways UK Entrepreneurs Can Diversify Their Income

      August 7, 2025

    Categories

    • Business (8,703)
    • Investing (2,179)
    • Politics (16,330)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved