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50s, where the earnings ‘ premium ’ flattens out a bit. for example, those aged 45 - 49 earn a pay premium, on average, of around 19 % compared with those aged 25 - 29. this pay premium is notably larger for white men than women or ethnic minorities. men aged 45 - 49 earn an “ extra ” wage premium of around 10 % compared with the other sub - groups. all speeches are available online at www. bankofengland. co. uk / speeches ( c ) part - time and non - permanent work. part - time work, compared with full - time employment, reduces earnings across all four sub - groups, on average by 16 %. this discount is larger for white men ( 22 % ) than for ethnic minorities and white women ( 10 % ). if employment is not permanent, this also reduces earnings across the sub - groups, with white men again being affected the most ( 10 % reduction in pay ). ( d ) children under 2. viewed on its own, having a child under 2 appears to have a positive effect on the earnings of both white men and women, of 6 % and 1 % respectively. for ethnic minority men, the effect is not statistically significant while for ethnic minority women earnings are reduced by 1 %. the results are more interesting if we interact having a child under 2 with a variable capturing full or part - time employment. while for white men, the effect on earnings is still positive, for women the effect of having a child under 2 is only positive for women working part - time. for women working full - time, having a child under the 2 reduces earnings by around 6 %. this suggests women in full - time jobs experience a ‘ maternity penalty ’, whereas men and women in part - time employment do not. ( e ) financial sector. compared to earnings in the benchmark sector ( agriculture ), most sectors have higher pay. the sector with the highest relative pay is finance, with a 46 % premium relative to the benchmark. this premium is notably higher for men than women ( 58 % versus 32 % ), although it is highest for ethnic minority men ( 76 % ). these are large pay gaps, bearing in mind these estimates take account of differences in the individual characteristics of the workers, such as age and educational achievement. ( f ) born in the uk. being born in the uk, on average, leads to slightly lower earnings than not. however, this average masks sharply opposing