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The Actuary The magazine of the Institute & Faculty of Actuaries

Gender pay gap by profession revealed

A new government website has been launched in the UK to allow members of the public to find out the gender pay gap by occupation, using data from the Office for National Statistics.

Online tool will 'empower both men and women' ©Shutterstock
Online tool will 'empower both men and women' ©Shutterstock

It shows that male construction workers and building trade supervisors currently earn on average 45.4% more than their female counterparts, while the gender pay gap for midwives is 61.8% in favour of women.

This comes as revisions were made to regulations, due to commence from April 2017, which will ensure all large companies publish their gender pay gap and bonus pay gaps.

Minister for Women and Equalities, Justine Greening said: “Britain has the lowest gender pay gap on record, there are more women in work than ever before, more women-led businesses than ever before, and there are now women on every board in the FTSE 100.

“But if we are to help women to reach their potential and eliminate the gender pay gap, we need to shine a light on our workplaces to see where there is more to do to.

“This tool will empower both men and women to challenge this issue in their profession and help people to make more informed decisions about their career.”

A report by McKinsey & Co in September showed that eliminating work-related gender pay gaps could add £150bn to annual UK GDP in 2025, with the average gap across the UK workforce currently at 18.1% in favour of men.

New regulations intended to address this are set to be debated in parliament, and will affect 8,000 employers and 11 million employees.

They require employers in the private and voluntary sector to:

• Publish their median gender pay gap figures

• Publish their mean gender pay gap figures

• Publish the proportion of men and women in each quartile of the pay structure

• Publish the gender pay gaps for any bonuses paid out during the year.

The government’s women in finance champion, Jayne-Anne Gadhia, said: “What gets measured gets managed and what gets published gets managed even better.

“Gender pay gap reporting will encourage all companies to put diversity and inclusion at the heart of their practices and work hard to ensure progress in this area.”

As well as the new tool to compare gender pay gaps by profession, an online quiz has been launched allowing people to challenge their knowledge of what they think the gaps are.

They can be found here:

GPG by profession tool

GPG quiz