THE GENDER pay gap has fallen to a record low, official figures showed yesterday, as young women now earn more than men.
Among 22- to 29-year olds, women earn an average of 1.1 per cent more than men per hour.
And for 30- to 39-year olds, women earn 0.2 per cent more.
However, men still earn more at every other age group. The biggest gap comes for 50- to 59-year olds, where men earn 18 per cent more.
Overall the gender gap has fallen to 9.4 per cent, compared with 10 per cent in 2013.
This is the lowest level since records began in 1997, when the gap stood at 17.4 per cent.
However, this figure only covers average hourly wages – overall, men tend to work longer hours and so take home more pay.
Average annual incomes in cash terms increased by 0.7 per cent in the year to April 2014, to £27,200.
But prices rose more quickly, eating away at earning power and pushing real incomes down by 1.6 per cent.
For those who were in a job for more than a year, pay increased by an average of 4.1 per cent – in part indicating that overall wages are being held down by those out of work coming back into employment, rather than a squeeze on the whole workforce.
Analysts believe the economic recovery should start pushing wages up firmly above inflation over the coming year.
“Since the Summer, the labour market has kicked up a gear, with booms in manufacturing and IT triggering the beginnings of salary-growth,” said Andrew Hunter from job website Adzuna. “The gender pay gap is also beginning to close, with wages for women increasing at a slightly faster rate than for men.”
Average full-time pay is highest in the City of London at £928 per week.
Next up is Tower Hamlets – which includes Canary Wharf – at £901 per week.