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Sixty years after the passage of the Equal Pay Act, the landmark U.S. labor legislation forbidding pay discrimination primarily based on intercourse, women have made lots of progress within the workforce — however a brand new report reveals they’re nonetheless a long time (and possibly extra) away from reaching pay parity with males.
Analysis from the Middle for American Progress, a left-leaning assume tank, discovered that the results of pay inequity between sexes runs so deep that earnings for median full-time, year-round girls staff gained’t be on par with males for a minimum of 33 extra years. Women in the workforce are additionally nonetheless struggling to get on equal footing with regards to their occupations and alternatives.
What the info says
- When the Equal Pay Act was handed in 1963, for each greenback earned by a person, the typical full-time, year-round-working girl earned 59 cents. The report discovered that as of 2021, that hole had narrowed: These girls earned 84 cents for each greenback a person made.
- Whereas that’s a big enchancment, the evaluation reveals that ladies gained’t obtain pay parity with males till 2056, ought to the gender wage gap proceed shrinking on the fee it has since 1963.
That’s an optimistic estimate — because the report notes, the trail to pay fairness is hardly simple.
- For ladies of shade, the pay disparity is wider, and the highway to attain fairness is longer. Black and Latina girls who labored full-time all year long earned 67 cents and 57 cents for each greenback earned by white, non-Hispanic males, respectively.
- In 2021, the everyday full-time, year-round-working girl introduced dwelling $9,954 lower than her male counterparts.
- Cumulatively, girls within the workforce have misplaced $61 trillion in wages since 1967. For context, the present U.S. authorities debt is roughly $31 trillion.
Bear in mind
Ladies are largely underrepresented in higher-paying fields and roles and overrepresented in lower-paying occupations, as research from Pew Analysis Middle reveals. They’re extra possible than males to have to go away the workforce to lift youngsters, which might damage their earnings.
One other report, from the City Institute, discovered that ladies who care for kids or different dependents forgo a mean of $295,000 in revenue of their lifetimes.
Why it’s necessary
The U.S. nonetheless has a ton of labor to do if it needs to bridge the pay gap between women and men — and particularly for girls of shade.
Nevertheless it’s extra sophisticated than simply guaranteeing that women and men are paid equal wages for equal work: Elements like gendered expectations relating to little one rearing and caretaking can have an enormous affect on girls’s success within the labor drive.
Extra from Cash:
Men Shop to Treat Themselves Just as Much as Women — and Spend More Doing It
Why 62% of Workers Want to Quit Their Jobs (or Already Have)
Inflation and Recession Fears Have Workers Contributing Less to Their 401(k)s
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