Finserv shows highest gender pay gap

Financial and insurance services still have the highest gender pay gap at 31.9 per cent but it has reduced year-on-year, according to the Workplace Gender Equality Agency (WGEA).

The 2016/17 data from the annual ‘Australia’s Gender Equality Scorecard’ showed that while the industries had the highest gender pay gap, it had reduced from 36.1 per cent in 2013/14, 35 per cent in 2014/15, and 33.5 per cent in 2015/16.

The report revealed the full-time gender pay gap was trending down, but men still earned $26,527 a year more than women on average.

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The proportion of women in management in the industries have also risen from 37.3 per cent in 2013/14 to 38.5 per cent in 2016/17. Financial and insurance services had the biggest gap between representation of women in the workforce and representation of women in management (16.9 percentage points).

The industry had employed 151,114 women and 121,643 men.

Organisations in financial and insurance services (64.3 per cent) were most likely to conduct a gender pay gap analysis, while 86.1 per cent of organisations had a formal policy and/or strategy on flexible working arrangements, up 1.2 percentage points.

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