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Women in finance 'lose out on millions'. By Dan Martin

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4th Oct 2006
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Female accountants have missed out on more than £31m over the last year due to salary disparities with their male counterparts, new research claims.

Recruitment consultancy Robert Half Finance & Accounting said while the average male earnings during the past 12 months was £51,010, the average female took home £39,350.

When measured across the total number of women in finance (2,720), as measured by the 2006 National Statistics Labour Market Survey, the figure comes to £31,715,200.

The report said the figure was up on 2005 when females' "missing millions" amounted to £26m.

As well as receiving less salary than men, women are also receiving lower pay rises. Although the survey showed that both male and female salaries are increasing year-on-year, the rate for men was 5.79% and 2.08% for women.

David Jones, managing director of Robert Half Finance & Accounting, said: "While the number of women in management roles is increasing, these figures suggest there remains an inadvertent discrimination in setting male and female salaries. To ensure managers do not alienate female workers it is important to address any inequalities that may exist.

"Companies must examine why female workers are not reaching higher pay brackets. In some instances it may be that women are being financially penalised for taking time out of work to care for children or elderly relatives. Managers must recognise diversity and provide flexible working options that accommodate the needs of both men and women."

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