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Women lagging men in wage league

Gender pay gap exposed at finance firms

Young Enterprise

Pay gaps have been revealed across all sectors

Finance companies such as Virgin Money and Clydesdale Bank are among the firms with the biggest gender pay gaps, according to new data.

All UK companies with 250 or more employees were required to publish the information by midnight under new gender pay legislation.

Finance, construction and education were shown to be the industries with the largest gaps. The figures show that 78% of firms pay men more than women on average, while 14% pay women more.

The average woman working in the finance sector earns 35.6% less than the average man, according to the data from the Office for National Statistics (ONS).

Average median hourly rate for women at Standard Life and RBS was 37% lower than for men.

The new data also showed men were paid far more in bonuses at Scotland’s top financial institutions.

At Standard Life, women received an average bonus 68% lower than for men. Aberdeen Asset Management recorded the same figure. Both firms said 18% women were among their highest paid staff.

The National Museums of Scotland was one of the few organisations where women were paid more than men on average (+15%), while Livingston-based retailer Schuh said its median hourly rate for women was 0.5% higher than for men.

Accommodation and food services emerged as the sector with the smallest pay gap, with an average median pay gap of 1%.

The gender pay gap is the percentage difference between average hourly earnings for men and women. Equal pay – men and women being paid for doing the same job – has been a legal requirement for 47 years.

Critics of the gender pay gap analysis say a company might have a gender pay gap if a majority of men are in top jobs, despite paying male and female employees the same amount for similar roles.

Those paying men more than women include:

  • Ryanair (71.8%)
  • HSBC (59%)
  • Virgin Atlantic (58%)
  • Virgin Money (38.4%)
  • Standard Life (37%)
  • Royal Bank of Scotland (37%)
  • Clydesdale Bank (36%)
  • Scottish Rugby Union (35%)
  • Lloyds Bank/Bank of Scotland (32.5%)
  • Babcock marine (30.4%)
  • Aegon (27.3%)
  • Abellio ScotRail (27.2%)
  • Wood Group (23.1%)
  • Glasgow Airport (22.1%)
  • National Trust for Scotland (21.4%)
  • Scottish SPCA (20%)
  • SSE (19.3%)
  • STV (17.3%)
  • Scottish Widows (16.5%)
  • Aberdeen Airport (16%)
  • Aggreko (15.9%)
  • DC Thomson (15.7%)
  • Media Scotland – Daily Record and Sunday Mail (15.5%)
  • Teco Personal Finance (14.6%)
  • Edinburgh Airport (14.1%)
  • Edrington Distillers – Famous Grouse (13.3%)
  • Chivas Brothers (11%)
  • William Grant distillers (10.5%)
  • Arnold Clark (10.1%)
  • AG Barr (-3.4%)


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