The Chartered Insurance Institute (CII) has cut its gender pay gap over the last year but reported an ethnicity pay gap as high as 25% by one measure.
The figures show men are still paid a significant amount more on average than women employed by the organisation and the difference is larger than the national average.
While the CII was encouraged by the gender pay gap moves, the ethnicity pay gap data it reported for the first time showed a significant disparity.
A median ethnicity pay gap of 14.1% was reported for 2021 with a mean ethnicity gap of 25.4%.
Gender pay gap
According to the latest national data reported by the Office for National Statistics (ONS), the median UK gender pay gap was 7.9% in April among full time employees.
However at the CII men were paid 10.1% more than women in 2021, although this was down from 13.9% last year.
The figure for the mean gender pay gap also dipped but less sharply to 14.8%, compared with 16.3% in 2020.
The CII also publishes a gender pay pension gap taking into account employer and employee pension contributions.
On a median basis this was 10.7% in 2021 compared with 11.2% in 2020 while the mean gender pay pension gap fell dramatically to 7.4% from 17.4% in 2020.
More male employees (35%) make a personal contribution to their pension than female employees (33%) but the proportion of females making a personal contribution increased by 5% from 2020.
Sian Fisher, CEO of the CII, (pictured) said the body was committed to being diverse and inclusive, and reducing the gender pay, pension gap and ethnicity pay gap.
“It is vital we continue to improve our understanding of the nature of the pay gaps and master the tools that can help us take the necessary steps to tackle the pay, pension, wealth, and opportunity gaps that exists between the genders and different ethnic groups,” she said.
“I am proud of the steps we continue to take to tackle gender and ethnicity pay issues and particularly the improvements made.
“We continue to work on reducing the gender pay, pension and ethnicity pay gap and recognise the challenge of making further improvements next year.”
