Financial services closing gender pay gap

Data from the Workplace Gender Equality Agency’s (WGEA) 2017 Gender Equity Insights report found men employed full-time within the financial services industry earned on average 25.9 per cent more than their female peers in the 2015-16 financial year.

“Organisations within the financial and insurance services industry continue to record the largest full-time gender pay gap, when measured by either base salary or total remuneration,” the report said.

“Women employed full-time can expect to earn on average around $30,000 or 26 per cent less each year in base salary than men employed within the industry. This gap increases to more than $52,000 or 33 per cent when taking into account additional remuneration including superannuation, bonuses and other discretionary pay.”

However, this marks a 1.4 per cent decrease on the 27.3 per cent gap in the 2014-15 financial year, while other industries such as construction and retail trade saw the gap increase.