average female executive in the UK earns £400,000 less than her male counterpart over a lifetime of work, according to new data released this morning.
Women in executive roles are also likely to win bonuses worth less than half those given to their male colleagues – the average male bonus came in at £7,496 while women took home an extra £3,726.
The figures, from the Chartered Management Institute (CMI) are based on a woman and man starting executive roles at age 25 and working an identical route up the career ladder until retiring aged 60.
Over a 45-year career the discrepancy adds up to a total of £423,390, with the average gap between management level salaries coming in at £10,060.
But despite figures that show fewer women are currently in management roles, the CMI’s research implies this could change in the future, with the percentage of women in the executive workforce now standing at 57 per cent – the highest level since records began in 1995.
“A lot of businesses have been focused on getting more women on boards but we’ve still got a lot to do on equal pay and equal representation in top executive roles,” said Ann Francke, chief executive of the CMI. “Women make up almost three out of four at the bottom of the ladder but only one out of four at the top.”
The European Commission last month delayed a decision on requiring EU company boards to be made up of at least 40 per cent women, after facing tough opposition across the continent.