News | Legal News

01 August 2017

Number of women earning £1m-plus doubles in five years

Compared to 2012, twice as many women are earning seven figures or more - but they are still outnumbered 10 to one by men, new data shows.

According to tax returns filed in 2014-15, just 1,400 women have smashed through the £1 million salary threshold, compared with 13,800 men.

This means women now make up 9.2% of the UK's top earners - progress described by the CMI as "far too slow".

The data was released by HM Revenue & Customs under the Freedom of Information (FOI) Act and reported by the Financial Times.

Sam Smethers, chief executive of The Fawcett Society - an organisation that promotes women's rights and gender equality - told the newspaper: "The [data] really clearly show the gulf between what men and women earn when you get those top jobs.

"It's not that surprising but the difference is really stark when you look at the numbers."

Any businesses employing more than 250 employees will have to publish details of their company's gender pay gap under new rules that come into force in April 2018. Salary figures will include pay bonuses.

Females over 40 in management roles face a pay gap of 35%, with disparity around 22% across all ages, the Chartered Management Institute (CMI) has reported.

"You can say it's incremental progress, but that's exactly what it is - incremental progress. It's far too slow," said Ann Francke, chief executive of the CMI.

Kathryn Fielder

Kathryn Fielder

Tel: 01753 279029

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