The long-running pay gap between men and women working in the UK has narrowed of late, but a recent report claims that the gap is still higher than the Organisation of Economic Cooperation and Development (OECD) average.
The UK’s gender pay gap has shrunk dramatically since 2000, but a study, titled the Women in Work index, claims that the gap remains the 21st largest out of 33 OECD countries.
Further research revealed that there is currently a 24 per cent gap in annual salaries in the UK, equating to almost £5,800.
This means that on average, UK women are likely to earn a staggering £300,000 less than men over the course of their working lives.
The research also revealed that gross annual earning for women rose by just 1.4% from 2014-2015, in comparison with 1.6 per cent for UK men.
Research has suggested that the UK could potentially boost GDP by £170 billion, should it increase its female employment rate to match that of Sweden – which is currently the highest performing country, according to the OECD.
The UK ranks in 30th place in terms of the number of women in full-time employment.
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