Women worst off in financial services
The financial and insurance services industry has a higher discrepancy between the earnings of male and female employees than any other industry in Australia, according to statistics released by the Australian Bureau of Statistics (ABS) today.
In a summary of the report, the ABS said men in the financial and insurance services will earn an average of $1,724 a week while women will earn an average of $1,042, nearly 40 per cent less.
Across all industries, women earned approximately 34 per cent of the average weekly earnings of men.
Overall, salaries in financial services came in just behind the mining industry, which had the highest average weekly earnings for full-time employees. Employees in the mining industry can expect to earn $1,772 each week.
The ABS research, which covered the period between August 2006 and August 2007, also found that during that period 19 per cent of employees were union members, a fall of 5 per cent from the previous year.
Employees in the public sector were far more likely to be trade union members, with 41 per cent of full-time employees members of a union. In the private sector, only 14 per cent were union members.
In the financial and insurance services industry, approximately 12 per cent of employees are members of a trade union.
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