Britain’s gender pay gap may not close for another 45 years, fresh research from accountancy giant PwC revealed.
A typical male worker in the UK earned 11.8% more than the average female in 2023, the data revealed.
It represents a 40-basis point improvement from the 12.2% gap recorded in 2022 and more than a 1% tightening compared to 12.9% in 2021.
Despite the reduction in the gap, PwC said the “rate of change remains modest”, adding that based on its calculations it will be another 45 years until both genders’ pay is the same.
Around 10,000 UK companies disclose their gender pay gaps to researchers and from this pool, it was found around 60% had lessened the disparity in salaries.
Most reductions in the pay gap were under two percentage points, while an additional fifth of businesses said the difference in female and male pay had worsened or stayed the same.
“While the gender pay gap continues to move in the right direction, the data once again highlights that organisations are facing difficulties in meaningfully reducing reporting figures,” Katy Kennett at PwC said.
“Societal barriers play a strong part, but there are still things businesses can do to drive change.”
While a gender pay gap doesn’t mean women are being paid less than men for the same role – which has been outlawed since the 70s – it does highlight that more males are being employed in higher-paying, senior roles.