The Chartered Insurance Institute has revealed that its median gender pay gap continued to shrink over the past 12 months.
This comes three years after organisations in the UK began publishing gender pay gap statistics.
The professional body reported a median gender pay gap of 13.94% in 2020 compared with 14.62% in 2019. However, its mean gender pay gap marginally widened from 14.77% in 2019 to 16.25% in 2020.
Over the last three years, the CII said it has re-evaluated roles to address any historic anomalies towards part-time workers. It has also moved to “Anytime Anywhere” working, trained managers to recognise and overcome unconscious biases, and committed to the Insuring Women’s Futures financial flexible working and inclusive customer financial lives pledges.
For this year, the CII also reported the gender pension gap, based on the 215 employees who were contributing to the CII’s Stakeholder Pension Scheme. As of April 30, the organisation had a gender pension gap of 11.18%.
In 2019, the total gender pension pay gap (median average) was 18.93 per cent.
According to the CII, a larger proportion of male employees (33%) than female employees (28%) make personal pension contributions. And among those, a greater proportion of the male contributors do so on a percentage basis (53% of the group) compared with female contributors (43%).
“The CII is committed to improving the recruitment and progression of women, boosting female financial resilience and reducing the gender pay and pension gap,” said Sian Fisher, CEO of the Chartered Insurance Institute.
“It is vital we understand the scale and nature of the problem and master the tools that can help us take the necessary steps to tackle the pay, pension, wealth and opportunity gap that exists between the sexes.
“I am proud of the steps we continue to take to tackle gender pay issues and particularly the significant improvement in the gender pension gap. A deterioration of the mean average for the gender pay gap, at the same time as an improvement in the median average, shows how this is an ongoing, complex issue to resolve. We continue to work on reducing the gender pay and pension gap and are confident of further improvement next year.”
