Jupiter reveals 38% gender pay gap

Jupiter reveals 38% gender pay gap

Female employees at Jupiter earn 38 per cent less per hour than their male counterparts it has revealed, as its chief executive voiced disappointment at the slow progress at the firm.

The asset manager's pay gap, which is based on a mean average, i.e. the sum of all hourly pay figures divided by the people being paid, compares with a 34 per cent average for the financial services industry as measured by PWC in its Women in Work index 2017.

Jupiter also reported a 25 per cent gap in its median hourly rate, which compares the mid-level hourly rate of its male and female workforce.

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In February it emerged Barclays has a gender pay gap of 43.5 per cent, which was branded "shocking" by the chair of the Treasury select committee, Nicky Morgan, who said the gap needed to be addressed.

Jupiter's chief executive Maarten Slendebroek said he was disappointed at the findings, which were published to comply with new regulations forcing employers with 250 or more staff to report their gender pay gap to the government for the first time this year.

He stated in the report: "As an employee, shareholder and client, you will share my disappointment that our company, in line with much of the broader asset management industry, is not further along the road to eliminating this unwelcome gap in gender pay.

"Yet I know we can, and must do better.

"We have far too few female employees working at senior levels in our fund management and sales teams – the key reason behind the gender pay gap. 

"Engaging with the industry on this structural issue, we are committed to increasing the number of female employees in these two areas of our business, and supporting their progression to senior roles."

Jupiter stated the figures were skewed by the number of highly paid male fund managers and sales employees. 

Andy Robinson, the firm's head of HR, said: "We reward employees equally for doing equivalent jobs at the same level of performance, regardless of gender. It is the structure of our workforce that is the primary driver in the disparity in pay."

Under the government's gender pay gap regulations, employers have to also report the quartile pay gap found in each of four pay bands and the proportion of male and female employees receiving bonuses in the year, as well as the gap in bonus payments made.

At Jupiter all higher pay brackets were dominated by men, with only the lowest tier seeing an equal split of 50: 50.

The highest bracket was filled with 76 per cent men and the upper middle bracket with 72 per cent. In the lower middle band, 61 per cent of positions were held by men.

Bonus payments at Jupiter, meanwhile, saw a huge gap as male staff raked in 84 per cent more in bonuses on average than their female counterparts.

On a median basis, the mid level bonuses paid to women were 52 per cent lower than those paid to men.