A report, by the Chartered Management Institute (CMI), has revealed that the pay gap between men and women is being made even wider by bonus payments given to male managers, which are on average double the amount that women in the same role receive.Despite the fact that male salaries were already almost 25% higher than women’s, it was found that male managers’ on average received additional payments of £6,442 last year compared with £3,029 for women. The study also found that at more senior levels, the pay gap for both basic pay and bonuses, increased even further. Women directors’ received an average bonus of £36,270, while men receive £63,700. Chief executive of the CMI, Ann Francke, said: “Despite genuine efforts to get more women onto boards, it’s disappointing to find that not only has progress stalled, but women are also losing ground at senior levels.“Women are the majority of the workforce at entry level but still lose out on top positions and top pay. The time has come to tackle this situation more systemically.”
Earlier this year, Boardwatch UK recorded the first fall in the percentage of women on boards since the figures were first complied in 1999. A review into the gender balance on company boards back in 2011 set a target for 25% women to be reached by 2015. The current representation is 17%.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with employment law solicitors in Farnham and across the country.