The Bank of England has reported a gender pay gap of 18.7%.
Its figures on mean and median salaries by gender, which compared data from March 2015 to March 2016, found that the mean gender pay gap decreased from 19.7% in 2015 to 18.7% in March this year, with the equivalent figure for median salary also dropping from 27.6% last year to 26.4% this year.
The mean pay for female employees in 2016 stands at £50,278 a year, compared to £61,807 a year for male employees. This is an increase on the £48,945 and £60,940 respectively recorded in 2015.
According to the bank, the gender pay gap is due to a lower proportion of females in senior roles. It currently has 60% of female employees in the lowest two pay quartiles and 32% in the highest=paid quartile. However, female representation at senior levels has increased year on year, from 25% in 2015 to 28% in 2016.
To combat the gender pay gap, the Bank of England has set diversity targets to achieve by 2020. These comprise 35% of senior management to be female by 2020, as well as to have an equal split of men to women working within the business at all levels under senior management. Women currently comprise 44% of its workforce.
The Bank of England stated in its report: “Our goal is to attract and inspire the best people to public service. We want people with diverse ideas, willing to challenge and debate, and we want them to feel empowered at all levels, to take the initiative.”