Big gender pay gap across the UK – banking group Barclays reveal their figures

Barclays 2017 gender pay gap report has revealed that there are huge gaps between men and women the UK group. There is a median hourly pay gap of 43.5%, and an even greater gap of 73% for bonuses.

The report showed that for every £100,000 of bonuses which male employees received at Barclays, women who were doing the same work received just £27,000. The bonuses which were paid to men were more than double what female colleagues were paid. Additionally, there are significantly fewer females in senior roles.

In high street banks in the UK the gap was 14.2% between the hourly pay of men and women employees.

The report showed that it was the gap in bonuses which was the greatest, with 73% at International level, and almost 50% in high street branches.

Further figures showed that in Barclays Group Service, which includes technology and operations departments, there was a salary gap of almost 30%, with a bonus pay gap of 24%.

Chair of the Treasury Committee, Nicky Morgan MP said that in 2018 for men to be paid almost double their female colleagues was nothing less than shocking. She issued a warning that her committee might call financial firms to explain gender pay gaps.

Out of 120,000 people who are employed by Barclays worldwide, 48,700 are employed in the UK. Barclays commented that they were confident that both men and women were being paid equally for doing the same work. Gender pay gaps were merely the result of a higher number of men in senior roles than women. This was particularly true in investment banking. Figures showed that there is a higher concentration of women in junior, lower-paid jobs at high street branches.

Barclays went on to say that many women employees worked only part-time, or shared jobs.

Worldwide figures from Barclays showed that 31,406 employees earned £25,000 or less last year. Looking at the other end of the pay scale, more than one in ten of the workforce earned over £100,000, 369 earned more than £1m, and 107 were paid more than £2m.

Barclays admitted that there was more work to do to continue the acceleration of progress of women to more senior roles. Tackling the gender pay gap will take time. Barclays remains focused on improving gender equality through the workforce, and supports an environment where women are empowered.

Despite a hefty loss of £2bn, because of US Corporate Tax changes, and the collapse of Carillion, the investment bank still paid out £1.5bn in bonuses. They also doubled the dividend pay-outs to shareholders.

Introduced last year, under UK legislation, companies with more than 250 employees must publish their gender pay gap figures every year. All companies must report these figures by 5th April. Barclays was one of the first companies to do this.

 Although the TUC warned that the UK was ‘still decades away’ from equal pay for men and women, the gender pay gap of full-time employees fell to 9.1% last year. This was the lowest level for 20 years, since keeping records was put in place.


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