Employee Rewards and Benefits News
City bonuses 'five times higher' for men
A huge gender inequality has been registered in the world of City bonuses, according to the newest research.
Surveying the financial services sector in the capital, the Equality and Human Rights Commission discovered that the average performance-related employee benefits awarded to women was just £2,875 - far short of the £14,554 given to men.
City firms therefore have one of the highest gender pay gaps in the entire UK economy, particularly given the full-time earning salary gap of 39 per cent on basic pay between men and women, according to the organisation.
Trevor Phillips, the chair of the Equality and Human Rights Commission, continued: "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."
Seven "protected grounds" are covered by the organisation: age, disability, gender, race, religion and belief, sexual orientation and gender reassignment.
Written by Matt Gardner
