Women are getting promoted more quickly than men, but their wages still lag behind, according to research on gender equality in the workplace.

The Chartered Management Institute and Renumeration Economics’ latest annual management survey found that today's average female team leader is aged 37 while her male counterpart is aged 41.

However the study found that these woman managers are earning £2,674 less than their male colleagues, with the pay level at director level widening to £22,144.

Mary Chapman, chief executive of the Chartered Management Institute, said: “Even in sectors and functions with a high percentage of female managers, there is a distinct gap in remuneration,”

“It is imperative that organisations tackle this issue head on to ensure that career progression and reward are based on ability and achievement, rather than gender.”