The group said that women are hit by a mid-life pay crisis , as women managers aged 40+ are earning 35 per cent less than men.
While the average gender pay gap stands at 9,069, the gap for women aged 45-60 grows to a remarkable 16,680.
Ann Francke, chief exec of the CMI, said: Women and men should be paid on the basis of their performance in their particular roles, but this is clearly not yet the case for far too many. Its not right that women would have to work until almost 80 for the same pay rewards as men.
“We have to stamp out cultures that excuse this as the result of time out for motherhood and tackle gender bias in pay policies that put too much emphasis on time served.
The average salary for managers stands at 39,461 for men, compared with 30,392 for women, a 23 per cent gap.
Gloria de Piero, Labour’s shadow minister for women and equalities, said: “These figures reveal a depressing picture for women who want to get ahead in their careers.
“We should be closing the pay gap for women at all stages of their working lives but instead we see pay inequality worsening for women managers as they progress and for working women across the country.