Study by Rest Less found that average salaries for employees over 50 are 23% lower for women.
In the UK, women over 50 are paid about £ 8,000 a year less than men. This is according to research that indicates that women were much harder hit by the collapse of the retail sector during the pandemic than men.
An study of official data found that the average annual wage of women in their 50s who work full-time is 23% lower than that of men in the same age group. This is according to a survey by Rest Less, an organization that offers assistance and guidance to individuals over 50. Women were paid 25 percent less in their 60s.
The study shows that a woman earned an average of just under £ 28,000 for a full-time job that year, compared with almost £ 34,000 for men.
But for those over 50 – £ 26,230 for women and £ 34,325 for men, the difference was wider, the study said. An average of £ 23,903 is granted to women over the age of 60, while men earn £ 31,667.
A series of high street failures, including the bankruptcy of the department store chain Debenhams and Arcadia, the supermarket company that includes Topshop and Dorothy Perkins, have contributed to the coronavirus pandemic. Women, like older women and mothers working part-time, make up much of the retail workforce.
Widespread job losses have also impacted women disproportionately throughout the hospitality industry.
“Rest Less’ founder Stuart Lewis said, “Women face double discrimination from age prejudice in their 50s and 60s, combined with the highest gender wage disparity of any age group. In full-time jobs, they are paid £ 8,000 less a year than their male counterparts.
“While the state pension age has now been equalized at 66 for both genders, the decades-long gender pay gap and the resulting large gap in private pensions mean that men’s and women’s future retirement incomes are far from equal,” he said.
For both of us and our retirement plans, the fact that earnings peak in the 40s and fall in the 50s and 60s has profound consequences. In the years leading up to retirement, we can no longer rely on higher wages to finance our pensions and must now consider the most effective ways to prepare for early retirement.
Change on closing the gender wage gap is painfully slow, and, according to a separate recent report by the Labor Party, women now in their mid-30s will never achieve fair pay in their working lives unless attempts to close the gap are stepped up.
Nov. 20 was released to mark Equal Pay Day, the day that women in the United Kingdom are effectively refused pay because of the gender pay gap.