BOE's 26 per cent gender pay gap exacerbated by lack of senior women

Bank of England Deputy Governor Minouche Shafik, seen here at a conference on financial regulation on Nov 11, 2015, resigned less than halfway through her term.
Bank of England Deputy Governor Minouche Shafik, seen here at a conference on financial regulation on Nov 11, 2015, resigned less than halfway through her term.PHOTO: REUTERS

LONDON (BLOOMBERG) - Women working at the Bank of England are paid 26 per cent less than their male colleagues, reflecting a lower proportion in senior and high-salary positions.

While the difference has fallen from 28 per cent last year, it's wider than the United Kingdom as a whole. Average hourly pay for men working full-time was 9.4 percent higher than for women, and 19.2 per cent greater across all types of employees last year, according to Office for National Statistics data. 

A report published by the central bank on Tuesday showed women at the bank earned a median salary of 41,082 pounds (S$73, 894) in March, versus 55,828 pounds for men. 

While the BOE aims to have women in 35 per cent of senior management roles by 2020, from 28 per cent currently, Governor Mark Carney said last year there was further to go on diversity and said that the central bank had been a "laggard" compared to other parts of the private sector.

His push suffered a setback on Monday when the BOE announced the departure of its most senior female policy maker. Deputy Governor Minouche Shafik resigned less than halfway through her term to become director of the London School of Economics, worsening imbalances at the highest level.

"The main reason for the gap is the lower proportion of females in senior roles relative to males," the BOE said in a statement on its website. "The organisation is comprised of 44 per cent female employees and 60 per cent of females are in the lowest two quartiles. The Bank still has much to do to ensure we have a sufficient pipeline of female staff in our senior management team."