Women are working 1 hour and 40 minutes for free everyday – translating to 57 days of unpaid work per year.
That is, at least those women, who are earning 22% lower than male staff in equivalent roles.
An annual survey of 72,000 UK managers by Chartered Management Institute (CMI) and salary specialist XpertHR, revealed that full- time female staff are getting paid 22%, or £8,524 less than their male counterparts.
This gap was found to increase with seniority and age, rising to £14,943 for senior or director-level staff and up to 38% in women aged 60 or older.
When it comes to bonuses, female staff were also found to be at a disadvantage, with the average man’s bonus being almost twice the amount of the average woman’s bonus.
“Working for free two hours a day is unacceptable,” commented Ann Francke, chief executive of CMI.
“Having more women in senior executive roles will pave the way for others and ensure they’re paid the same as their male colleagues at every stage of their careers.”
Additionally, the survey pointed out that the pay gap is widest at large organisations with between 250 and 999 staff.
Women in these organisations earn on average 27% less, making them 5% worse of than the national average.
“An entire generation has now worked its way through from school leaver to retirement since the first equal pay legislation came into effect in 1970. Yet the gender pay gap persists, and many employers still prefer not to know just how bad it is in their organisation rather than getting to grips with the data and doing something about it,” Mark Crail, content director of XpertHR said.
“HR and reward specialists in larger companies have a special responsibility to get this firmly on to the senior management agenda and to develop the plans needed to close the gap,” he added.