36 largest gap in Bulgaria could be the enormous rate of brain drain among the young individuals. In the given age group, the unexplained part of the total gap in favour of men is systematically lower for people with high income in Austria, Bulgaria, Croa- tia, Czechia, Lithuania, and Spain. However, the unexplained gap favouring men is large for the high-income individuals in Estonia, Finland, Germany, Greece, Hun- gary, and the Netherlands. In the following age group of 25-44, the largest uncondi- tional median income gap favouring men is observed in Greece, while the lowest gap is reported for Denmark. The dramatic decrease in the public sector employment, which is found to have negative impact on the employment income gap, could have contributed to the increased total income gap (through employment income gap) as people moved towards the private sectors. The unexplained gap is predominantly increasing in this age group. There are countries, where the unexplained gap is lower at the bottom of the distribution (for example, Croatia, Greece, Romania, Slovakia), while in some countries the gap is the largest among individuals with high-income (for example, Belgium, Denmark, Estonia, Finland, Norway, Sweden). Similar to the previous age group, among individuals between 45-65 the largest unconditional median gap is observed in Greece, while the lowest is reported in Lithuania (both in favour of men). In this age category the largest unexplained gap is present at the lower end of the distribution in Austria, Croatia, Greece, the Netherlands, Poland, Romania and Spain, while the largest gap is observed at the upper end of the dis- tribution in Denmark, Estonia, Finland, Hungary, Latvia, Lithuania, Slovakia, and Sweden. As for the oldest age group the largest unconditional median gap in favour of men is reported in Austria, while it is the lowest in Estonia. Since the public transfers constitute the largest part of the total income among these individuals, it is rather expected that the gap could be caused by the gap in public transfers, as it has been shown in the study. On the other hand, in Denmark there is the largest gap in favour of women. The unexplained gap is systematically larger for low-income individuals in Austria, Belgium, and Norway, while it is the lowest for high-income individuals in Bulgaria, Estonia, Finland, Latvia, Lithuania, Poland, Slovenia, and Sweden. Next, the paper also studies the gender gap in employment income for two age groups: 25-44 and 45-65. In the latter, the largest unconditional median gaps are found in Latvia and Estonia, and the lowest – in Romania. In the former age group, there is the evidence of the largest and the lowest unconditional median gaps in the Netherlands and Slovenia, respectively. Furthermore, the glass ceiling and sticky floor effects are investigated for these age groups. The analysis showed that both of these effects are present in Belgium, Czechia, France, Greece, and Norway. The presence of these effects provide the strong evidence of positive selection in the la- bor market. Furthermore, the paper studies the factors contributing to the explained and un- explained parts of the total and employment income for pooled age groups. In case of total income, marriage status has the largest impact on the unexplained gap in favour of man across most of the countries, providing evidence of "marriage pre- mium"’ for men. On the other hand, managerial occupations accounts for signifi- cant part of the explained gap at 20 th and 90th percentiles, while inactive economic contributes large part of the explained gap at median income. Similar to the total income, marriage accounts for the largest portion of the unexplained gap in the em- ployment income. The main factors that contribute to the significant portion of the 6. Conclusions 37 explained gap is found to be part-time employment. Furthermore, the tertiary edu- cation is found to lower the gap, which could be attributed to women participation in male-dominated degrees. However, the concentration at the lowest earning occu- pations still remains the problem for women. The secondary education is found to have no significant impact on high-income individuals, which could be due to the fact that high earners are expected to have higher education than those at the lower end of the income distribution. Therefore, for them the differences in lower level of education are not likely to have significant impact on the gap. The paper also investigates the gender gap in private transfers and capital in- come. For the individuals below age 25, the largest statistically significant uncondi- tional and conditional median gaps are reported for France, while there is the evi- dence of the largest unconditional and conditional median gaps in favour of women in Hungary. In the age group of 25-44, the differences in the observed characteristics always favour women for median income, except in Serbia. In the subsequent age group, the largest unconditional median gap favouring women is observed in Den- mark, though not statistically significant. Among the oldest, the largest statistically significant unconditional median gap is reported for Belgium, while the lowest is observed in Slovakia. And finally, the gender gap in public transfers is examined. In the youngest age group, the unconditional median gap is predominantly in favour of women. The largest statistically significant gap favouring women has been reported for the Netherlands. In the following age group of 25-44, the largest unconditional median gap favouring men is observed in Greece, while the evidence of the largest gap in favour of women is found in Norway. Increased trend of enrolling in higher educa- tion institutions and receiving more education-related allowances could be a reason why the gap favours women at young ages. Also, due to high mortality rates of men, women are more likely to receive survivor’s benefits. Unlike from these age groups, for individuals above age 65, both unconditional and conditional median gaps are in favour of men in all countries but Denmark, where the gap benefits women more. The largest and the lowest unconditional median gaps are found in Austria and Es- tonia, respectively. Moreover, in vast majority of countries, the gap peaked for the oldest age group. The analysis of the institutional factors showed that the membership of trade unions and minimum wage setting have no significant impact on the unexplained total income gap among the high-income individuals. Furthermore, more generous maternity leave enlarges the unexplained gap for the individuals between 25-44, while the formal child-care is negatively related to the unexplained gap for the old- est individuals, as they can allocate the time, which would otherwise be spent on informal child-care, to paid tasks. Nowadays most of the policies, which aim to achieve gender income equality, are based on "one-size-fits-all" philosophy. However, these policies fail to take into account the differences that exist within a country’s age groups for different income sources. Focusing only the gap in particular part of the aggregate income, whether in favour of men or women, could have detrimental effects on the gap in another income source. To tackle the problem of gender income inequality, current policies must be updated and be more versatile so that they would cover various sources of income for different age groups.
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