Career Development: Five insurers reveal gender pay gap figures
Five insurers have revealed by how much women are underpaid in their organisations compared to men.
Aviva, Zurich, LV, Ecclesiastical and Direct Line have published their gender pay gap numbers on the government’s website. Companies that have over 250 employees will be required to reveal the percentage of how much less women are paid than men by April 6.
According to Post calculations, the results show a mean average pay gap of 22.2% between the five companies that have published so far.
Across the businesses, an average of only 31% of top quartile earners are women. Meanwhile 61.2% of lowest quartile jobs are occupied by women.
The mean averages for each of the companies are as follows: Ecclesiastical 30.7% lower; Aviva 27% lower; LV: 27.6% lower; Zurich 25.9% lower; Direct Line 18.7% lower.
The Chartered Insurance Institute has previously disclosed its mean pay gap as 28%. However, the report was not the government website as the company does not have a legal obligation to publish its figures.
Tulsi Naidu, Zurich UK CEO, said the fact women were under-represented in senior roles skewed the company-wide pay gap numbers. She said: “The gender pay gap is not the same thing as having equal pay, and we are confident that men and women in our organisation are paid equally for the same and similar jobs.
“We’ve calculated the figures in line with government regulations and, like many others in our industry, we have found that differences in average pay are down to several different factors.
“We also see a greater proportion of women choosing to work part-time and taking career breaks. This also affects our gap results.”
According to predictions by PWC, financial services are likely to have a gender pay gap of around 34%.