Women over the age of 50 in full time employment earned approximately £8,000 less than their male counterparts in 2020, according to a report conducted by Rest Less.
Rest Less’ analysis of pay data from the Office of National Statistics took the median annual salary for both men and women, finding the average difference for all ages to be 18%.
While female full time employees aged 18-21 earned £616 (3%) under men of the same age, this rose to £8,096 (24%) for those over the age of 50.
Stuart Lewis, founder at Rest Less, said: “Women in their 50s and 60s face the double discrimination of age bias, combined with the widest gender pay gap of all ages, receiving a salary of £8,000 less per year than their male counterparts in full time employment.”
The data also found that earnings for both men and women reach a peak in their 40s, with respective median earnings of £31,403 and £38,829.
In contrast to the men’s slower decline in salaries of 5% by their 50s and 19% by their 60s, women’s salaries dropped 9% in the first decade after their peak, and 24% in the following ten years.
Lewis added: “Whilst the state pension age has now been equalised at 66 for both sexes, decades of a gender pay gap and the resulting wide gulf in private pension savings mean that the future retirement incomes of men and women remain far from equal.”