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article imagePay Gap calculator shows how much less women earn Special

By Tim Sandle     Mar 1, 2019 in Business
Many women in the U.S. has been asking this question for a long time: "Why do men earn more?" A new means for assessing this is the 'pay gap calculator', devised by two doctoral students.
Women are almost universally paid less than men for similar occupations and for work of equal value. This is especially so in the U.S., where the U.S. Bureau of Labor Statistics has confirmed, that an average woman in the US earns 81 cents for every 1$ a man makes, for the same job. This means that a woman with earnings of $800 per week will be taking home $152 less in a week than a man, which is approaching the $8,000 in a year. Furthermore, the lifetime wage gap loss for women in the U.S. could be as high as $403,440.
Two assess the impact further P.h.D. students, Tibor Pal, and Hanna Pamula, have dug deep into statistical data and built a tool (the 'pay gap calculator') that gives men a deeper perspective on the unfair advantage they hold over every woman in the U.S., who works as hard as men. The key advantage of the calculator is that women can use it to understand what's fair for them, and attempt to seek redress with their individual employer.
As to why the gender pay gap is important, Pal and Pamula tell Digital Journal that aside from discrimination: "harming a person's dignity, the gender wage gap has a considerable financial impact on an individual's life or their family."
Furthermore, less pay for women means "cuts not only income for women but for the whole family as well; lowers benefits linked to salary, especially retirement savings; is extending the working years of women before retirement." To add to this the situation "can make women economically dependent" and it "can make it harder for women to pay for education, child care and to accumulate wealth, for example, to buy a house."
In terms of how this happens, there are a multitude of reasons. One that Pal and Pamula highlight is: "One explanation of why women can lose such an enormous amount of money is that they generally receive lower salary increases by promotion or a new job. These differences pile up during the whole career, eventually reaching an immense value."
Their research finds that "wage differences emerge already in the teenage labor years, what contributes to a higher lifetime wage gap."
To address the wage gap they not there are things that individuals can do, as well as business. With the corporate world, businesses should be :
Encouraging women and men to try occupations which are not traditional for their gender.
Putting in place part-time and flexible working arrangements.
Perform regular review on compensation schemes and ensure wage equality.
Change the culture of work to value work-life balance.
Introduce more transparency in compensation data.
Plus "businesses and government should do much more to ensure fair pay and help women to achieve economic equality." Government should additionally be "improving parental and family leave policies; enforcing existing fair pay laws and initiating further laws to guarantee more equality; and monitoring the labor market and working environments." To add to this the state should be "providing incentives and guidance for employees and employers; improving education, training, and research to enhance gender equality; and promoting the social benefit and social safety net."
In related news, despite some progress and greater public awareness, the gender pay gap continues to be a major issue, especially with technology firms. A new campaign, headed by shareholder advocate Arjuna Capita, is seeking to raise awareness and has focused on some major corporations.
More about Pay gap, gender pay gap, Gender, Women, Work
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