Over-50s pay gap increases and women suffer the most – almost £8,000 worse off | UK | News (Reports)

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The median annual salary for women in their 50s working full time was 23 percent less than for men in the same age group. This gap increased to 25 percent as a woman turned 60, researchers at Rest Less, the over-50s advice group, discovered. Its study found that the median annual salary of a woman working full time was just under £28,000, compared with £33,923 for men. The gap widened for 60-somethings – £26,230 compared with £34,325.

Stuart Lewis, the Rest Less founder, said: “Women in their 50s and 60s face the double discrimination of age bias, combined with the widest gender pay gap of all ages, receiving a salary of £8,000 less per year than their male counterparts in full-time employment.

“While the state pension age has been equalised at 66 for both sexes, decades of a gender pay gap and the resulting wide gulf in private pension savings mean future retirement incomes for both men and women remain far from equal.”

Between 18 and 21, the gender pay gap is just three percent at £616.

It is nine percent (£2,480) for those aged 22 to 29 and 12 percent (£4,309) for those aged 30 to 39. Women workers aged 40 to 49 earn 19 percent less than male colleagues – £7,426 a year.

The analysis was based on the 2020 annual survey of hours and earnings.

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