As we break into summer, a lot is concentrating our minds at GBN.
Gender Pay Disparity in Swiss Banking
An anonymous survey of 4,000 employees conducted by the Association of Swiss Banking Employees (SBPV/ASEB), highlights that in the Swiss banking sector, there is still a significant gap between women’s and men’s salaries. This has widened in the past two years. On average, women currently earn 24 percent less than men.
The survey further pinpointed key differences between men and women working in this industry using important variables such as age, fixed salaries, bonuses and total years having worked at a bank.
The survey results revealed that:
1. The difference between men’s and women’s salaries was 23.6 percent in 2019, an increase from 2017 which showed a gender pay gap of 21.7 percent.
2. On average, 2019 men’s fixed salaries were 22.2% higher than women’s, an increase from 20.7 percent in 2017.
3. Bonuses were 36 percent higher in 2019 for men (in comparison to 30.8 percent in 2017).
4. Age differences accelerated the disparity, whereby men aged 20-29 earned an average of CHF 2,050 more than women, and for those aged 50-59, the salary gap was CHF 31,284.
5. Some men, having worked for the same bank for over 20 years, were given bonuses that exceeded that of their female colleagues by 40 percent.
According to the Federal Statistical Office, the results of this survey covering the Swiss banking sector compare with an average gender wage gap of 14.6 percent across all professions in Switzerland.