President Marie-Louise Coleiro Preca praised the Malta Institute of Accountants for taking the lead on gender pay inequality and expressed hope that other professions would follow the example.
The Institute commissioned a survey among members to assess gender-based pay disparity in the accounting profession. Conducted by MISCO, the study shows that the gap in income between men and women tends to grow as careers progress.
Speaking at the presentation of findings, Institute CEO Maria Cauchi Delia said that women carry a heavier burden because they are more likely to take career breaks to raise their families, falling out of pace with their male colleagues who continue to develop their careers.
In fact, the study reveals that less than five percent of companies offer structured career break opportunities that allow employees to balance their professional and personal development. MISCO Director Lawrence Zammit said that reduced hours oftentimes penalise women most because they affect their bonuses and performance benefits, contributing to a widening gap along the years.
“Work rate should not be measured by hours spent at the office but by the value it creates.” said Cauchi Delia, arguing that all roles, irrespective of gender, should be made more flexible.
President Coleiro Preca claimed that disparity in pay not only affects quality of life in the immediate term but constitutes inequality in pensions at the end of the professionals’ careers, pushing down women’s gross entitlement in relation to men. “These are inequalities that will have to be carried by society,” warned the President.
Maria Cauchi Delia said that the Institute will be promoting best practice to its members and industry and make recommendations about strategic issues including the need for increased flexibility, Gender-Neutral Job Evaluation Schemes, compensation schemes and salary transparency. She said that the profession wants to keep attracting a balanced share of both women and men but indicated that more women are needed in top positions. The increasing number of female graduates, said Cauchi Delia, gives hope for change.
The Malta Institute of Accountants (MIA) is the voice of the accountancy profession in Malta, providing professional guidance, technical support and continuing professional education to over 3,000 accountants.
MIA is committed to attracting talented individuals to the profession and invests heavily in the process of educating prospective accountants.
The Institute also helps to promote a proper understanding of the role and the value of the accountancy profession to the Maltese public in general and, in particular, to the local business community.
The MIA forms part of leading international accounting organisations and it represents Maltese accountants in these prestigious for a.
The Institute works to ensure that professional standards and ethics applied locally in accountancy meet the requirements of international regulatory bodies, and it actively works to uphold the reputation of the profession both locally and overseas.
