search
date/time
Yorkshire Times
Weekend Edition
frontpagebusinessartscarslifestylefamilytravelsportsscitechnaturefictionwhatson
3:15 PM 21st February 2021
business

New Study Finds The Gender Pay Gap Fell To Almost Zero In 2020 For Employees Under 40

Image by Andrew Martin from Pixabay
Image by Andrew Martin from Pixabay
A new study done by GoSimpleTax has revealed that in 2020, the Gender Pay Gap for full-time employees under 40 years old fell to almost zero. For full-time employees over 40, the gender pay gap remained at over 10%.

Specifically:
Ages 40-49: 11.2%
Ages 50-59: 12.8%
Over 60: 13%
The construction and finance and insurance sectors revealed the largest pay gap overall, with 23% and 22% respectively.

Although no sector pays women more than men on average, accommodation and food services female employees earn just 1% less than their male counterparts, while those working in health and social care earn 1.3% less. This is likely due to flat pay rates used in those industries.

While the COVID-19 pandemic and the Coronavirus Job Retention Scheme, had a significant impact on the labour market and hours worked, it appears to have had little effect on the gender pay gap:

11.2% of ALL employees were furloughed in April 2020 and had their pay reduced.
In comparison, 12.5% of men and 10% of women were furloughed.

The study also revealed some interesting statistics about how the gender pay gap affects the freelance industry, including that self-employed men on average earn 43% more than self-employed women.