DURBAN – The new PwC executive directors practices and remuneration trends report for South Africa showed that women are paid less than men in every industry according to Business Insider South Africa.
The report showed that in healthcare are paid around 28.1 percent more than women while in the media and general retailers industries men are paid 25.1 percent more than women.
In the technology and financial sectors men are paid 22.9 percent and 21.8 percent more, respectively.
The report also found that men hold more executive positions in companies. According to the report, only 3.3 percent of the companies listed on the Johannesburg Stock Exchange have females in chief executives positions.
The report revealed that 85.9 percent of the Chief Executives of listed South African companies are white. While, 10.2 percent of Chief Executives are black followed by Indian or Asian Chief Executives who only make up 2.2 percent.
Executive directors of listed companies are predominately white making up 40 percent of the demographic followed by 29.5 percent black, 20.4 percent Indian or Asian and 10.2 percent coloured.
According to the report, the average age of an executive director in a South African company is 56 and their tenure at the company is 4.5 years. The average Chief Executive holds their position for 4.3 years.
SA drops to 117 out of 149 countries in gender wage equality
The 2018 World Economic Forum (WEF) Global Gender Report ranks South Africa’s gender equality 19th out of 149 countries, but on the subject of wage equality for similar work the ranking plunges to 117th.
Anita Bosch, Associate Professor in Organisational Behaviour and Leadership at the University of Stellenbosch Business School (USB) and holds the Research Chair: Women at Work, said, "South Africa’s labour market has changed little in the past decade – remaining more favourable to men, who are more likely to be in paid employment than women, regardless of race. Addressing the pay gap between men and women is an important step towards income justice for South African women."
Women’s lower level of education is often cited as a reason for lower pay, however Bosch said that South African women were graduating at the same rate, or better than, men in higher-paid fields such as commerce, science, engineering and technology.
BUSINESS REPORT ONLINE