'Shocking' gender pay gap found in the finance sector.

Byline: Catherine Lillington

WOMEN in some of the UK's top finance firms receive around 80 per cent less in performancerelated pay than male colleagues, revealing a "shocking disparity" in earnings, according to an offi-cial report.

An inquiry by the Equality and Human Rights Commission (EHRC) also found most women starting new jobs in finance companies started on lower salaries than men.

The gender pay gap for basic wages in firms covered by the survey was 39 per cent, rising to 47 per cent for total earnings when bonuses, overtime and performance-related payments were taken into account.

The study of 44 leading companies, the first of its kind in the industry, showed fewer than half were making an effort to address the pay gap, with just one in four undertaking a pay audit to make sure women were not being paid less than men.

The finance sector has one of the highest gender pay gaps in the UK, with full-time women staff earning 55 per cent less annual gross salary than men.

Trevor Phillips, chairman of the EHRC, said: "The financial sector has the potential to play a central role in Britain's recovery, but it has to address this shocking disparity of rewards.

"By bringing down arbitrary barriers, and changing practices that inhibit women's success, financial firms have the chance to boost morale, bring on new talent, and maximise the potential of their existing employees."