Women earn on average 23% less than men doing the same work in the same industries. This includes employees with the same experience globally; according to UN Women, this is a serious problem all over the world.
The statistics show that women need to work an average of 94 extra days a year to make up for money lost to their counterparts in employment. This article will showcase how inequality in pay is still active and why all the campaigns and projects are running to change the legislation of equal pay.
Equal Pay Can Help to End Poverty
Most campaigns and projects speaking out against unequal pay believe that inequality adds a major disadvantage towards getting out of poverty in certain communities. Statistics have been given out by organizations providing that by eliminating the gender wage gap, global GDP can go up by a minimum of $12 Trillion by 2025.
This is one of the most important factors to consider as a benefit when equalizing pay between all genders. This can drop poverty by up to 50% in some countries.
Women Are Most Likely to Struggle in Retirement
Many of the campaigns around the world are centred on the long-term effects of unequal pay among men and women. It’s believed that as workers grow older, the wage gap grows wider. The National Institute of Retirement Security in the US found that the wage gap has grown by 44% by the time female workers reach the age of 80.
The study also proved that women aged between the mid to late seventies are more likely to fall below the poverty line.
Women in the Workplace Choose between Caregiving and pay
Many campaigns around inequality in the workplace are focused not only on the pay gap but also on caregiving. The projects and campaigns over the world aim to raise awareness that caregiving and having children should carry equal responsibility between genders. Currently, women still take on the bulk of these duties when it comes to taking off from work to care for their newborn babies.
Campaigns with an aim towards reducing the impact of unequal pay and to completely remove the pay gap around the world are all vital for reducing poverty and living in a fair world. These campaigns have all helped advance amendments to equal pay bills in New Zealand.