New data has shown significant gender pay gaps in UK retirement homes.
The average single retired woman is £85 a week behind male counterparts, which is a dramatic increase over the past decade.
“Much more needs to be done to tackle the disadvantages faced by women in the later-life jobs market, as well as doing more to ensure women are building up better pensions in their own right in the future,” said Steve Webb, the former Lib Dem pensions minister.
The gap between men and women pensions between 2006/7 was £31 per week, with the average women receiving a gross weekly income of £294 per week and the average male earning £325. This gap has dramatically increased over the decade to £85.
The data was released by the mutual insurer Royal London, who blame the increased gap on two factors.
According to Webb, who is the director of policy at Royal London, real earnings for men over retirement age has almost doubled while in comparison, earnings for women has remained flat. Additionally, men’s workplace pensions have increased from £83 per week to £125 – a much higher increase compared to women.
The report comes as companies and organisations are reporting differences in pay between men and woman before 4 April.
So far over three-quarters of businesses pay men more than women, and it has been found that 77 percent of businesses report men’s median pay as higher than that of their female colleagues.
Only nine percent of organisations that have reported data so far have closed the pay gap.
Last week HSBC (LON: HSBA) revealed the largest gender gap in the banking sector. Women were paid 29 percent less than male employees at the bank in 2017.
“If we identify any pay differences between men and women in similar roles, which cannot be explained by reasons such as performance/behaviour rating or experience, we make appropriate adjustments,” said Elaine Arden, group head of human resources.