Economy

Boring Money warns of gender investment gap

Boring Money warns of gender investment gap

The Fawcett Society, which campaigns for women's rights, issued the warning as it dubbed Friday Equal Pay Day - saying it marked the time in the calendar year when women start to work for free due to their pay lag on male earnings.

Until the Supreme Court ruled that employment tribunal fees were indirectly discriminatory and thus unlawful in July this year, it cost up to £1,200 to take an Equal Pay claim to a tribunal hearing, which was clearly enough to discourage many from pursuing a claim. So, what's the deal?

"Our research identifies a sinister ugly sister to the gender pay gap, that is the gender investment gap", she said. What can women, men, companies, governments, educational institutions and the HR industry do to make change?

Their figures also report that the pay gap is much wider for certain groups - including BAME women, skilled trade workers and high-earners.

It said that because the gap was widest for older women, it meant the United Kingdom was actually "going backwards" in its pay parity efforts. "There's a huge prize for businesses that get this right, because equal representation of men and women could add £150 billion to the United Kingdom economy in the next 10 years".

"This will help to address the unequal impact of caring roles which is one of the key drivers of the gap". This can in no way be used to gauge whether women are receiving equal pay for equal work. It is lowest in Wales, at 8.3%, and the North East, at 10.2%.

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"Instead of requiring women to sue their employers when they're getting paid less, which was the flawed model of the equal pay legislation because it puts the onus on the woman, the new model we're putting in our Bill is that the State requires employers to publish anonymised pay data".

She says employers often say they "respect" women, and champion specific examples of women who are doing well in their organisations but are are "not looking holistically" - at how they are treating all their female employees.

And we know that black, Asian and minority ethnic women are likely to see larger pay gaps, suggesting that they are experiencing multiple discrimination and disadvantage. Equal Pay and the gender pay gap aren't actually the same thing, but they are two signs of the same coin (sorry).

'Equal pay is both a cause and effect of gender inequality and it creates the context for other inequalities, such as violence against women and girls and unequal access to health, ' the WEP adds. "We need to teach young men that it's ok to talk to women and not ok to objectify women". There are no excuses, employers now need to get on with the job of publishing their pay gap and pledge to improve workplace equality'.

"We also want to see a longer, more generous period of paid leave for fathers". We must stop bombarding them with inflated statistics, cherry-picked and created to make them feel helpless.

Chief executive Sam Smethers said that was extremely worrying.


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