Equal pay for women won't happen for 75 years

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Oxfam have revealed equal pay for women is coming, but you'll never see it happen.

New research carried out by Oxfam has shown that equal pay for women is coming...but not for at least 75 years.

The charity is using the report to urge G20 countries to look closely at their agendas on gender inequality.

"Women get paid less, do most of the unpaid labour, are over-represented in part-time work, and are discriminated against in the household, in markets and in institutions," explains the report.

Oxfam's Executive Director Winnie Byanyima added, "If women's paid employment rates were the same as men's, the USA's GDP would increase by nine per cent, the Eurozone's by 13 per cent and Japan's by 16 per cent."

Back in 2012, the Gender Salary Survey found that the average woman misses out on £400,000 over the course of their careers, in comparison to men.

The research carried out by The Chartered Management Institute looked at executive salaries, and found the average annual male salary was £40,325 compared to £30,265 for women in equivalent roles.

This void also extends to bonuses as it is revealed women receive less than half what men are given in one off rewards.

Turns out it's not just the money that's an issue, with women falling foul of claiming top jobs and also being the biggest victims of redundancies last year.

Only 40% of department heads are female, whilst only one in four top roles as chief executives are being held by women.

Furthermore between August 2011 and August 2012, 4.3% of female execs were made redundant compared to 3.2% of male.

Ann Francke, CMI Chief Executive, said: "A lot of businesses have been focused on getting more women on boards but we've still got a lot to do on equal pay and equal representation in top executive roles.

Women make up almost three out of four at the bottom of the ladder but only one out of four at the top," explained Ann.

She added, "This lack of a strong talent pipeline has to change, and fast. Allowing these types of gender inequalities to continue is precisely the kind of bad management that we need to stamp out."

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