The gender pay gap is among the hot topics right now, and for good reasons. Women are making pretty much less money than men in the same positions - even with equal work experience and education.
This debate is never-ending, yet it doesn't look like it'll be changing anytime soon. Here are some surprising facts about the gender pay gap. Have a look:
According to Labor Statistics data, in 2020, working women’s annual earnings were around 82.3% of male’s, and this gender gap is much wider for women of color. However, ladies were earning only 57 cents for one dollar earned by men in 1973 when the Labor PSA was made. Hence progress has been hindered, and many of us are far from closing this gender pay gap.
The wage gap is much higher for many women. In 2020, Asian American and Pacific women had to work till 9th March to get what white men were earning. Moreover, for mothers, it is until 4th June (then the fathers, on average).
For many females of color, Equal Pay Day comes later into the year. For Black women, it comes on 3rd Aug. Whereas for Native American women it is until 8th Sept. Lastly, for Latinas, it is more than nine months on 21 Oct.
Women are working with men in all occupations and industries, but there are only a few occupations where women earn a bit more than men, such as the healthcare industry.
When looking at the numbers for Black and Latina women with only a bachelor's degree, it is found that they have a much more significant gap than their male counterparts. For example, white men who have similar levels of education earn 65% more than black female counterparts despite less years in school or college.
Educational attainment is the only way to close gender earnings gaps, but most women with advanced degrees still earn less than white men on average.
Unfortunately, the COVID-19 pandemic has affected the gains made earlier towards closing the gender pay gap. Moreover, due to this pandemic, many working women are entirely out of the workforce due to various reasons.
In Mar 2021, the women’s labor force rate was around 56%, and the same rate was in April 1987. Pandemic has mainly affected the women of color and those who were working in low-wage professions than the others.
The pay gap between males and females has been an issue for decades. Many things can be done to address this problem, but it will take time before we see any progress in wages being equal across all workforce groups.
The Department of Labor is working to find ways to promote equal pay for both genders, using data-driven methods. Please find more information on their efforts at https://fairlyeven.com/.