Saturday, 27 November 2021

Bank of England pay gap caused by shortage of women

Bank of England

LONDON: The Bank of England has defended its efforts to boost diversity despite unveiling a gender pay gap of 21%.

While the Bank’s male and female staff are paid the same, the higher proportion of men in senior positions means there is a gap in the average hourly earnings.

On average, women’s pay trails men’s by 21%, with the median pay gap coming in even higher at 24%, according to the Bank’s report.

The Bank is facing mounting pressure to shore up diversity, with Chancellor Philip Hammond being accused of dodging MPs’ questions over whether the Treasury is doing everything in its power to ensure an equal balance of men and women in senior roles at the Bank.

Mark Carney, Governor of the Bank of England, said: “To support our objectives, we have introduced diversity targets, including an aim to have 35% female representation in senior roles by 2020.

“We’re confident that men and women are paid equally for doing the same job at the Bank; however, the greater proportion of men than women in senior roles creates a gender pay gap.

“We are working hard to address this imbalance through inclusive and diverse recruitment, including diverse shortlists and interview panels, offering flexible working, providing continual unconscious bias training, and fostering an inclusive culture.”

The Bank’s average gap for base pay has fallen over the past four years, from 22% in 2013 to 18.6% this year.

The bonus pay gap stands at 24%, or 26% on a median basis, which picks the middle payment from a range of the highest and lowest payments at the Bank.

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