Shocking new statistics have revealed a gender pay gap of 23% in Jersey’s finance industry – rising to almost 66% for those working in the sector in their late fifties.
Published today by Statistics Jersey, the gender pay gap report reveals an gap of 7.8% in the 12 months leading up to June 2024.
This is 1.2 percentage points lower than in June 2023, when the overall gender pay gap in Jersey stood at 9.0%.
The highest gender pay gap of any sector was in the information and communication sector (28.2%).
Age groups over 40 years old saw higher gender pay gaps than the overall average, according to the report.
The finance and legal activities sector is the highest paying sector on average – but has the second largest gender pay gap in Jersey.
Although 55% of employees in the financial and legal sector are women, men consistently earn more.
The gender pay gap in the finance and legal activities sector starts at near parity for those aged 20 to 29, but men earn more than women in all age groups over 30 in the finance and legal sector.
The gender pay gap peaks at 65.7% for those aged 55 to 59 in the finance and legal sector – the highest gender pay gap for any age and sector combination.
Interestingly, this sector experiences a significant increase in male earnings each March – creating an outlier in the gender pay gap during this month.
“This trend is likely driven by bonus payments within the sector,” according to the report.
The lowest gender pay gap of any sector was in the private education, health and other services sector (0.1%)
The pay gap has shown signs of narrowing in the financial and legal activities sector since January 2022, while non-finance private sectors have seen “relatively little change in the gender pay gap over the same period”.
The gender pay gap report marks the introduction of a new regular publication, scheduled for release annually each March.
You can read the full report HERE.
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