The Bank of England has revealed why it pays its female staff 24% less than their male counterparts. The Bank attributed the method to a lack of women in senior positions
It reported that, the median pay gap, the average hourly earnings between men and women, currently stood at 21% and the mean pay gap was 24.2%. In terms of bonuses, the median gap was 25.6% and the mean gap was 23.6%.
In the report, Governor Mark Carney, assured that women and men were paid equal salaries for performing the same role, while stipulating that the pay gap was due to a greater proportion of men than women in senior roles.
He also said: “We are working hard to address this imbalance through inclusive and diverse recruitment, including diverse shortlists and interview panels, offering flexible working, providing continual unconscious bias training, and fostering an inclusive culture. Addressing the disparity in gender representation at senior levels will take time, but it will help close the current gender pay gap at the Bank.”
In response to the report Rt Hon. Nicky Morgan MP, chair of Parliament’s influential Treasury Committee, said: “The Bank of England’s measures to address its pay gap seem to be on the right track, but we cannot be complacent. Any gap is still too great.
“As part of our Women in Finance inquiry, we will keep a close eye on organisations as they report their gender pay gap before the April 2018 deadline.
“We may call for organisations to give evidence to the Committee to hear about best practice. Financial firms should be prepared to explain any gender pay gap that they may have.”