I have received several emails today wishing me a Happy International Women’s day. I was then reminded how oppressed we still are as women. It is very sad when even big international companies oppress women for no other reason other than that they are women. The Sunday Times on 25 February 2018 reports that Barclays pays women in its international division on average half of what mean earn! This practice is unfortunately NOT limited to Barclays.
When people go on pension, the industry practice is that on average, for every R1 million you have at retirement age, you will receive R6 000 in pension if you are a man and R5 400 if you are a woman – this is if you opt for a guaranteed life time pension. So women are generally paid less during their productive years and are paid even lesser in pension later on in life.
So as I wish all women a Happy International Women’s day, I want to urge you to make the most of your money and get a good financial advisor on your side.
Are we ever going to get parity in pay during our life time?