Small businesses will provide equal pay in 57 years

Small businesses are long way off providing equal pay to its staff, according to a new report.

Concerns about inequalities among small businesses escalate as the Chartered Management Institute (CMI) revealed differences between male and female pay rates, which are unlikely to change for considerable amount of time.

The CMI’s annual salary survey showed that male managers pay exceeds female managers pay by as much as 24%.

The survey of more than 43,000 individuals found that the average woman in British management was paid £31,306 a year. This was more than £10,000 less than male management who averaged £41,337 a year.

Additionally, the research unveiled that 4.5% of women employees have been made redundant, compared to just 3% of men.

The CMI claim that since the Equal Pay Act became law four years ago, things have progressed. The law meant that the pay gap will stay at 34% across the board. But such a significant gap proves that the UK still has some way to go.

CMI’s head of policy, Petra Wilton, said:

“The prospect of continued decades of pay inequality cannot be allowed to become reality. We want to see the government take greater steps to enforce pay equality by monitoring organisations more closely and naming and shaming those who fail to pay male and female staff fairly.”

Although female managers pay had increased 0.5% more than men, they will not achieve equality until 2067.