Men earn 20% more than women in finance. Now the industry is implementing measures to reduce that wage gap.
Women’s average annual salary as a percentage of men’s salary was 80.2% in banking and insurance in 2016. This was shown in one of the gender equality indicators for Finansforbundet, and Finans Norge in March last year.
“This is not something we can live with. Now we are systematically working to reduce the wage gap and increase equality between women and men in finance”, said Deputy, Bente H. Espenes, in the Finance Association to Dagens Næringsliv newspaper.
The Finance Association and Finans Norge have prepared five measures to combat the problem. (1) Systematic organisation of corporate gender equality efforts, (2) measures to promote equal pay, (3) recruitment,retirement and internal mobility measures, (4) measures to ensure access to and development of female talent, and (5) measures for parental leave and also during the toddler phase.
“To do this, it must be workable in every single company, and it must be anchored to the top. This is about giving equal opportunities to men and women in finance. In order to reduce the wage gap, more women must be in senior positions”, said Espenes.
In all professions, women’s average monthly salary amounted to 86% of men’s wages in 2016.
© NTB Scanpix / #Norway Today