According to new findings from a survey from the Chartered Management Institute (CMI), being a woman costs 14 more years at work.
New salary figures show that a ‘mid-life pay crisis’ is hitting female managers, with women aged 40-plus earning 34% less than men. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more - which, based on a pension age of 65, would mean working until nearly 80.
The staggering figures are among those revealed in CMI's latest annual data on the gender pay gap, published in partnership with salary specialists, XpertHR. The survey, which covers over 68,000 professional UK workers, identifies a gender pay gap that hits professional women hardest in the second half of their working lives.
The monetary value of the pay gap between men and women aged between 45 and 60 stands at £16,680 per year - and across all age bands, the average gap is 23%, or £9,069 per year.
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