PensionBee has reduced its median hourly gender pay gap to 4 per cent, in line with its aim of achieving equality with a variance of 5 per cent permitted due to the overall size of the employee base. The pension provider, which also noted it had a median bonus pay gap of 0 per cent among its staff, said it had achieved gender employment parity across all levels of its business, while figures from the Office for National Statistics (ONS)...
The issues facing women in saving for retirement dominated discussions at Pensions & Investments' Defined Contribution Spring Virtual Series held March 8-11. With the pandemic bringing those issues into sharp relief, talk centered on the "shecession," a reference to the COVID-19-triggered exodus of women from the workforce as they wrestled with the lack of child care options. During a panel discussion on the first day of the conference, which coincided with International Women's Day, speakers lamented the departure of women from...
UK. Pension challenges women face will impact on their retirement 03/12/21 March 8 marks International Women’s Day and celebrates the social, economic, cultural and political achievements of women. Ghana. Low financial literacy responsible for low patronage of pensions by women and informal workers 03/12/21 A Compliance officer with the National Pensions Regulatory Authority (NPRA) says low financial literacy is the cause of low patronage of the pension scheme among women and people in the informal sector. Taking a workforce break to raise children...
By OECD Labour market inequalities are well-known to be the main drivers of the gender pension gap. This publication focuses on helping governments find solutions for retirement savings arrangements that do not further exacerbate these inequalities. This study first analyses why the gender pension gap exists and sheds light on some of the behavioural and cultural factors that contribute to these inequalities. Country case studies assess how demographics, labour markets and other factors may affect gaps in pension coverage, assets...
By Anna Veremchuk The aim of this paper is to study the gender pension gap in Europe based on the newest EU-SILC data from the 2018 wave. The contribution of the paper is twofold. First, it provides evidence on factors shaping the gender pension gap in a large number of EU countries. Second, it analyses the relationship between the pension gap and: (1) the coverage of occupational (second pillar) pensions and (2) gender attitudes. The main factor contributing to gender inequality in pension...
By Marta Angelici, Daniela Del Boca, Noemi Oggero, Paola Profeta, Maria Christina Rossi, Claudia Villosio We explore the role of financial and pension information in increasing women’s knowledge and awareness of their future pension status, and consequently, in reducing the gender pension gap. A representative sample of 1249 Italian working women were interviewed to assess their knowledge about pensions and financial issues and about their own savings and personal wealth planned for retirement. The responses showed that their knowledge and...
By Caroline Bruckner, Jonathan Barry Forman In recent years, high-profile Silicon Valley firms have engineered billion-dollar IPOs through developing online and app-based platforms that connect service providers and sellers with customers and process their payments (the “online platform economy”). Today, millions of Americans earn income using platforms developed by Uber, Etsy, and Airbnb; and research has identified the limitations of existing federal tax rules to facilitate tax compliance of these workers and considered the consequences of their failure to pay...
Women in OECD countries receive around a quarter less income than men from the pension system. According to the organisation’s research into gender pensions gaps in member countries, women over 65 take 26% less retirement income than their male counterparts. Its report echoes findings by pensions company Scottish Widows earlier this week that younger women could save £100,000 less into their pension than men over the course of their careers. The OECD found that the gap originated for a number of reasons,...
By Madeleine Taylor Less than 1 per cent of central banks, sovereign funds, public pension funds and commercial banks have achieved gender balance within their workforces, according to a comprehensive survey by Official Monetary and Financial Institutions Forum (OMFIF). Think tank OMFIF surveyed 540 institutions on gender diversity among senior staff, and found only three that had achieved perfect scores for gender balance among their senior staff, while another 12 were “close to achieving balance”. The three highest ranking institutions were US...
A Compliance officer with the National Pensions Regulatory Authority (NPRA) says low financial literacy is the cause of low patronage of the pension scheme among women and people in the informal sector. Lois Asiamah said the lack of adequate and appropriate information concerning pensions has left a lot of Ghanaian women and others in the informal sector unaware of the opportunities and advantages of investing in a pension scheme. She added that due to the lack of financial literacy, people in...
