#IWD2022 : Break the Gender Pay Gap!

  • The unadjusted gender pay gap is a snapshot that shows the average differences in pay between all men and all women in the workforce. It stands at 15% in the EU. Reflecting mostly lower participation rates and shorter working lives, the unadjusted gender pension gap is more than twice as high. 
  • If the shortfall in women’s income was invested in a 1% annual yielding safe asset over time, we estimate it could generate EUR45,410 on average at retirement age (EUR29,544 in Spain, EUR43,920 in Germany and EUR49,100 in Italy). In France, the sizable divergence in net income by age and gender mean that this sum could be as much as EUR60,714 for women at retirement age. In a context of a 3% annual yielding safe asset, these gender income gaps would amount to EUR71,500 on average in the EU; EUR73,000 in Germany; EUR51,300 in Spain and a hefty EUR94,300 in France, as well as EUR81,300 in Italy.
  • Against this backdrop, policymakers need to level the playing field and equip women with initiatives such as raising the wage floor; promoting the return of women to the labor market after maternity leave with increased childcare facilities; longer shared parental leave and/or tax incentives and increasing the representation of women in political and economic decision-making positions.


Patricia Pelayo Romero
Allianz SE
Arne Holzhausen
Allianz SE