Childcare costs fuel gender pension gap
The gender pensions gap is being worsened by the cost of childcare as it causes 36 per cent of women to leave their job which in turn halts pension contributions.
A report from not-for-profit pension provider The People’s Pension, published on May 13, found that after having children, nearly half of women (44 per cent) reduced their hours, more than a third (36 per cent) left work altogether and 15 per cent returned to work in a lower grade or lower paid role.
The survey of 2,000 mothers across the UK also showed that almost four in 10 women (38 per cent) working part-time would choose to increase their hours if childcare was cheaper.
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