Today Puzzle #698
Puzzle No. 698鈥� Tuesday 17 March 2020
Financial firms are paying the average man 25% more than the average woman. If there are equal numbers of men and women employed by a bank, what percentage increase in the overall wage bill would be necessary to close the gap?
Today's #PuzzleForToday has been set by Dr Shaun Fitzgerald, Fellow of Girton College
Click here for the answer
If the current pay for a woman is Y then that for a man is 1.25 Y. The increase in wages required is 0.25 x Y in order to close the gap and so the percentage increase required is 0.25 Y/ (Y + 1.25 Y) = 11.1%.
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