City gender pay gap rife as women get 80% less bonuses than men

Female bankers are getting bonuses worth 80% less than their male counterparts, a survey by the equality watchdog has found.

The figures obtained by the Equality and Human Rights Commission (EHRC) also reveal that starting salaries for women at the top 50 City banks and finance institutions are 37% less than for men on their first day, the Times has reported.

The City pay gap stands at 47%, compared to the national average of 17%.

Overall the average bonus for a woman is £2,875, compared with £14,554 for men.

The commission said the findings suggest significant discrimination. However, more than half of employers said they had no intention of making any effort to address the discrepancy.

Last month the EHRC launched a consultation about how private and voluntary sector employers with at least 250 staff can measure and report on their gender pay gap. According to the latest figures, just 23% of City firms have ever conducted any sort of pay audit.

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