The number of female resignations in the pensions sector has risen almost 3% since last year, according to research by the Chartered Management Institute and Remuneration Economics.
The research shows resignation rates amongst women in the pensions sector have risen to 8.2% from 5.6% last year. The figures show 2.6% of women are more likely than men, at 3.7%, to ask for internal transfers.
Female resignations in the retail sector, which tops the sector table, have doubled to 11.7% over the past year.
Men’s earnings have also grown faster than women’s for the first time in 11 years. Women have received a 5.5% earnings increase, while men have seen a 5.7% rise.
Female managers earned an average of £43,930 in the year to January 2007 compared to £54,967 for men.
However, the survey of more than 42,000 people shows women are more likely to receive a bonus in the sector.
Almost 69% of women in the pensions sector receive bonuses, compared to 64% of men. However, bonuses make up 9.8% of total female income in the pensions sector, compared to 13.3% for men. Women’s bonuses, at £2,778 are 49% lower than men’s.
Women also achieve faster career progression than their male colleagues. The average female team leader is five years younger than her male counterpart, at 37. They generally achieve director roles at 44 while men reach directorships at 48.
Jo Causon, director of marketing and corporate affairs at the Chartered Management Institute, says: “It is clear that the pull of promotion is not being matched by parity in pay. Despite the weight of legislation and the reality that reward should match responsibility, gender bias seems to be getting worse, not better.”
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