Finance sector aims to close equal pay gap

British banks and insurers are taking steps to end the widest pay gap
between men and women of any industrial sector.

City firms and finance unions Amicus and Unifi, are working with the Equal
Opportunities Commission (EOC) after the National Earnings Survey showed a pay
gap in the finance sector of 43 per cent – which the EOC says is caused by a
lack of transparency over grading, and the concentration of women in lower
grades.

Amicus and Unifi represent 210,000 staff in the finance sector, 52 per cent
of whom are women.

Amicus figures show that female managers earn 31 per cent less than men,
while female underwriters, claims assessors, brokers and investment analysts
earn 47 per cent less than their male counterparts.

Niccola Swan, equality and diversity director at Barclays, said:
"Barclays is committed to equal pay as an integral part of our diversity
agenda and our employee proposition.

"We also know it makes business sense – if staff know they are getting
a fair deal, this motivates them and helps us recruit and retain the best
people for the job."

Julie Mellor, chair of the EOC, said conducting a pay review is the only way
employers can be sure they are paying women fairly.

"Increasing access to part-time and flexible working at all levels is
also a vital means of enabling women to progress," she said.

"A commitment from employers and unions to work together will be vital
in driving down the pay gap. Today’s meeting is a very positive step towards
that goal."

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