The Chartered Insurance Institute (CII) has reported that its median gender pay, gender pension and ethnicity pay gaps have shrunk over the past 12 months.
The professional body said it had a median gender pay gap of 10.06% in 2021, compared to 13.94% in 2020. Its median gender pension gap was 10.66% in 2021, down from 11.16% last year. A median ethnicity pay gap of 14.1% was reported for 2021, the first time this figure has been reported externally.
The CII said its mean gender pay gap is now 14.81%, compared to 16.25% in 2020, while the mean gender pay pension gap is now 7.35%, compared to 17.37% in 2020. Its mean ethnicity gap is 25.43% in 2021, which is also the first year this figure was reported externally.
According to the CII, in the past four years, it re-evaluated roles to address any historic anomalies towards part-time workers, expanded the number of roles suitable for part-time and/or job sharing, adopted “anytime, anywhere” working, trained managers to recognise and overcome unconscious biases and committed to the Insuring Women’s Futures Financial Flexible Working and Inclusive Customer Financial Lives pledges.
Both employer and employee contributions were used in computing the gender pension gaps. More male (35%) than female (33%) employees make personal contributions to their pensions, but the proportion of females making a personal contribution has increased by 5% since 2020.
“The CII is committed to being diverse and inclusive, plus reducing the gender pay, pension gap and ethnicity pay gap,” said Sian Fisher, CII chief executive. “It is vital we continue to improve our understanding of the nature of the pay gaps and master the tools that can help us take the necessary steps to tackle the pay, pension, wealth and opportunity gaps that exist between the genders and different ethnic groups. I am proud of the steps we continue to take to tackle gender and ethnicity pay issues and particularly the improvements made. We continue to work on reducing the gender pay, pension and ethnicity pay gap and recognise the challenge of making further improvements next year.”
