Financial firms making progress on gender pay gap


Financial and insurance services is “making strong progress” in reducing its pay gap, with the gap falling to 29.5%.
According to the latest figures from the Workplace Gender Equality Agency (WGEA) scorecard, the gender pay gap was highest in the construction sector at 30.6% while financial and insurance services was second at 29.5%.
However, the report noted financial services had made strong progress since 2013, reducing its gap by more than one percentage point each year. This was the second-largest reduction out of the 19 industries surveyed.
Some 76% of companies in the industry said they had investigated their gender pay gap and 66% had taken action since then, the highest of all industries.
The most-common actions taken after an audit were identifying causes of the gaps, correcting instances of unequal pay and reporting pay equity metrics to the board.
Overall, women made up 50% of the workforce but less than 20% of chief executive roles and the average gender gap was 22.8%.
Men were twice as likely to be earning more than $120,000 while women were 50% more likely than men to be in the bottom quartile, those earning $60,000 or less.
Recommended for you
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.