The median gender pay gap and gender pension gap at the Chartered Insurance Institute (CII) has continued to shrink in the last 12 months.
It is three years since organisations in the UK started publishing figures on the gender pay gap.
The CII can now report that the professional body had a median gender pay gap of 13.94% in 2020, compared with 14.62% in 2019.
However, the CII’s mean gender pay gap marginally widened from 14.77% in 2019 to 16.25% in 2020.
During the last three years, the CII has re-evaluated roles to address any historic anomalies towards part-time workers; moved to ‘anytime anywhere’ working; trained managers to recognise and overcome unconscious biases; and committed to the Insuring Women’s Futures (IWF) Financial Flexible Working and Inclusive Customer Financial Lives pledges.
This year, the professional body for insurance and personal finance professionals also reported its gender pension gap.
Data based on the 215 employees who were contributing to the CII’s stakeholder pension scheme on 30 April 2020 revealed a gender pension gap of 11.18%.
The IWF Financial Flexible Working pledge commits firms to help their colleagues to understand and manage the long-term financial implications of flexible working.
The Inclusive Customer Financial Lives pledge commits firms to adopting an inclusive ‘whole customer’ approach, considering the impact of their life circumstances.
The full list of firms that have committed to the IWF pledges can be found here: www.insuringwomensfutures.co.uk/pledges-and-commitments