To see how the gender pay gap can do a number on women in retirement, consider the following hypothetical example of two new retirees, whom we’ll call Bob and Nancy. Bob worked for 30 years and earned $100,000 on average per year, or $3 million over his career. Nancy worked the same job but earned $80,000 annually, adding up to $2.4 million during her career.
via Next Avenue.
Related reading: Eleanor’s Hope.
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#wage gap #politics #gender wage gap #seniors #women's rights #retirement #retirement crisis #p2A major research report out Thursday from the Economic Policy Institute (EPI) aims to inform the national discussion about workplace policies with a new analysis showing the gender wage gap is real.
“We’re basically saying we’ve measured it a lot of different ways, and it exists, and it’s real, and unfortunately it has not gone away,” said Elise Gould, an economist with the nonpartisan Washington, D.C.-based think tank EPI, in a phone interview with Rewire.
via Rewire.
While the U.S. has made strides toward reducing the gender wage gap over the decades, new research today shows just how far there is to go.
via Bloomberg.
The gender wage gap hasn’t budged in 9 years:
The average woman who had a full-time, year-round job in 2015 made just 80 percent of what a man did, according to the latest data from the Census Bureau. That’s up from last year’s 79 percent, but the increase is not statistically significant. The wage gap hasn’t closed significantly since 2007.
via Think Progress.
Nearly 10,000 people graduated with MBAs from University of Chicago’s Booth School of Business between 1990 and 2006.
In 2009, three economists decided to study a quarter of those graduates. They asked a detailed set of questions about the jobs they’d held since graduation, how many hours they worked, where they worked, and what they had earned each year.
via VOX.
States Not Waiting To Close Gender Wage Gap:
Emily Martin created a state-by-state map of the gender wage gap in the United States. She calculated: Washington, D.C., has the smallest wage gap where women average nearly 90 cents to a man’s dollar; Louisiana has the largest gap — women there earn just 65 percent of what men do.
via NPR.
The gender wage gap has improved quite a bit since women started entering the workforce in large numbers. Women who work full time and year-round earned just 58 percent of what men earned annually in 1968; now that ratio is about 79 percent.
via VOX.
It’s been more than 50 years since our nation acknowledged and attempted to address, with passage of the Equal Pay Act, the gender wage gap which unfairly targets half of our population with billions in lost wages. Yet, at the current rate of change, it will take another 40 years to close that gap.
The wage gap between young male and female workers is historically low. The wage gap between young male and female workers is growing. Yes, both things can be true at the same time.
via The Atlantic.
Related reading: Women and the Retirement Savings Gap.
For women who live longer on lower benefits, America’s retirement crisis is very real. That’s why the financial protection that Social Security provides is even more critical for the millions of women who depend on this vital program to keep them from poverty.
The future of Social Security is shaping up to be a major contention in the 2016 presidential campaign and women, who depend more heavily on the system, have much at stake.
“Social Security is often women’s only asset,” said Sylvia Allegretto, a labor economist…
Eleanor’s Hope
To alleviate the retirement crisis, the National Committee to Preserve Social Security and Medicare launched a national initiative in October to modernize the Social Security system. Called Eleanor’s Hope, in honor of first lady Eleanor Roosevelt who championed passage of the Social Security Act in 1935, the initiative takes a comprehensive long-range approach to reflect women’s contributions as breadwinners as well as family caregivers.
In addition to public retirement credits for people who take time off from paid employment to serve as family caregivers and for retirees who have worked in low-wage occupations, the plan also calls for strengthening the Social Security cost-of-living allowance and boosting benefits of all current and future beneficiaries.
via Womens E-News.
