The gender pay hole stays at its widest for girls of their 50s and 60s, new analysis suggests.
Rest Less, a digital information web site geared toward folks over 50, discovered that there was a 24% distinction between the median gross annual pay of full-time working women and men aged of their 50s – with the hole rising to 26% for these over the age of 60.
The knowledge, taken from the Office for National Statistics, confirmed that in 2022 the largest distinction in full-time pay was between women and men of their 50s.
Women aged 50-59 earned a mean wage of £30,603, which was £7,274 lower than males in the identical age group, who earned a mean wage of £37,877.
The analysis in contrast figures from this yr with the earlier 10 years and located that whereas the nationwide gender pay hole throughout all age teams narrowed through the interval from 24% in 2012 to 19% in 2022, it stays at its highest for these of their 50s and 60s.
Rest Less chief government Stuart Lewis mentioned that the figures highlighted how, as a result of girls are inclined to have higher care tasks, they’ll fall behind and “miss out on salary progression during their careers” which “compounds as time goes on, widening the gender pay gap as we age”.
He added: “This can have devastating long-term consequences on women’s retirement provision and financial independence into later life.”
“We know that there is a significant private pension savings gap between men and women and it’s 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”, Mr Lewis mentioned.
“Whilst the state pension age for women is now equal with men at 66, the retirement fortunes of men and women remain anything but equal.”
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