From Cindy Hull,
Public Policy Chair
EQUAL PAY DAY 2021: MARCH 24
More than 50 years after the passage of the Equal Pay Act of 1963, women, especially minority women, continue to suffer the consequences of unequal pay. According to the U.S. Census Bureau, women working full time, year-round in 2020 typically earned 82% percent of what men earned, indicating little change or progress in pay equity, with those in Michigan earning only 78% of their male coworkers, ranking 37th in the nation.
It is estimated that college-educated women working full time earn nearly half a million dollars less than their male peers over the course of a lifetime, and female graduates carry two-thirds of the nation’s student debt. A lifetime of lower pay means women have less income to save for retirement, and less income counted in Social Security or a pension benefit formula. Current research indicates that at least 40% of mothers are primary breadwinners in their households, making pay equity critical to families’ economic security.
“THE IMPACT OF COVID-19 ON WOMEN’S ECONOMIC SECURITY:
The Coronavirus pandemic’s disproportionate economic toll on women, most notably women of color, will have economic ramifications for years— compounding the inequities of the existing gender wage gap. Since the start of the pandemic, more women than men have lost jobs, largely because so many women work in industries that have shrunk in 2020, such as the restaurant, retail, hotel and travel sectors. The challenges of caretaking—exacerbated by virtual schooling, closed daycare centers and isolated seniors—have taken a significant toll on the work life of many women. With women still shouldering the bulk of domestic responsibilities, many have no option other than to reduce their work hours, put off advancement opportunities or quit their jobs altogether. Because time out of the workforce affects lifetime earnings, and many employers still erroneously rely on previous wages to set salaries, the impact is likely to compound the gender and racial wage gaps, which are persistent contributors to economic inequity.