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45-year wait for pension equality

It will take women in the UK 45 years to achieve equality in retirement income, according to a report by the Equal Opportunities Commission.

‘Completing the Revolution’ shows the pensions gap leaves women with 40 per cent less retirement income than men and the EOC is calling for urgent action to close the gap within 10 years.

Wage inequality is a major contributor according to the research; women who work full-time earn 17 per cent less per hour and part-time workers earn 38 per cent less per hour than men in full-time employment.

The report is the Commission’s last before it is absorbed into the new Commission for Equality and Human Rights on October 1 after more than 30 years of tackling gender bias.

Equal Opportunities Commission chair Jenny Watson says: “These startling indicators suggest that the reality of far too many men’s and women’s lives is out of step with their aspirations. We’re living in the midst of an unfinished social revolution. Today, most women work, many men no longer define themselves as breadwinners and both sexes often struggle to find the time they need to care for others in their lives.

“At the current pace of change, it will take generations for the unfinished revolution to be completed and for equality for women and men to be achieved. Britain cannot wait this long.”

Minister for Women Harriet Harman said: “This report rightly recognises that despite the fact that women’s lives have transformed dramatically, there is still inequality between men and women in our economy and society that needs to be tackled.”

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