CMI: Pay equality 100 years away
Male executives are paid more than £10,000 a year more than their female counterparts, with equal pay among Britain's bosses almost 100 years off, new research has suggested.
A study of almost 35,000 executives showed a gender gap of £10,546, around £500 more than last year, although at junior level women earned marginally more than men.
Wages for women executives are increasing faster than those of men, but at the current rate it will take almost 100 years for salaries to be equal, according to the report by the Chartered Management Institute (CMI).
Male executives earned an average of £42,441 compared with £31,895 for women, although men's pay increased by 2.3% in the past year compared with 2.8% for women.
CMI director of policy and research Petra Wilton said: "While CMI is delighted that junior female executives have caught up with males at the same level, this year's salary survey demonstrates, yet again, that businesses are contributing to the persistent gender pay gap and alienating top female employees by continuing to pay men and women unequally.
"This kind of bad management is damaging UK businesses and must be addressed.
"It is the responsibility of every executive, organisation and the Government to help bring about change. Diversity shouldn't be seen as something that has to be accommodated, but something that must be celebrated."
The Government was urged to demand more transparency on pay from companies rather than considering imposing mandatory quotas and forcing organisations to reveal salaries.
Firms found guilty of fuelling the gender pay gap should be publicly exposed, said the CMI, which offered help to women to challenge unequal pay.