2/28/2013 8:26 PM ET|
American women work 59 days for free
The disparity in pay between female employees and their male counterparts gives employers a 22.6% discount on labor.
The Huffington Post and the Institute for Women’s Policy Research did some analysis and determined that women would have to work another 11 work weeks and four days a year to be paid the same amount as their male colleagues. Since women make only 77.4% of what their male counterparts bring home from the same job, they'd have to put in 22.6% more hours to earn equal pay.
Lawmakers haven't been especially proud of that disparity and approved the Lilly Ledbetter Act against pay discrimination back in 2009. They're currently pushing the Paycheck Fairness Act that would make it illegal for employers to fire workers for discussing compensation.
Still, a 2011 study from the Institute for Women's Policy research found that women, on average, make 82% of what their male counterparts make, while nearly half are either not allowed or are strongly discouraged by their employers from discussing pay information with co-workers.
According to the Democratic Policy and Communications Center, women make $434,000 less than men on average over the course of their careers. That starts right after college. Congress' joint economic committee says women make $7,600 less than men immediately following graduation. And it continues to the latter stages of their career, when Catalyst says women make up just 6.2% of top earners.
But that's OK, right? All that new legislation is going to make everything nice and equal, no? Kind of.
The gender pay gap is going to close, but the Institute for Women's Policy Research says it won't happen until 2056 at this rate. When today's workers' granddaughters finally achieve pay equity with their male coworkers, it will be because grandma worked an extra 2,537 days for free to make it happen.
Copyright © 2013 Microsoft. All rights reserved.
Reports say the generous benefactor behind the huge gratuities is a former PayPal executive.
- Chinese investors are buying up Detroit
- Mega Millions jackpot hits $344 million
- 5 reasons to think twice about a balance transfer card
- Will I have to pay taxes because of a foreclosed home?
- 5 things that won't affect your credit scores
- The 7 deadly sins of winter driving
- 8 questions to ask before Mom and Dad move in
- High deductibles fuel new worries of Obamacare sticker shock
- How to use your credit card to donate to charity
[BRIEFING.COM] The major averages spent the entire session in a steady downtrend, but despite persistent selling pressure, today's losses were limited in scope. The Dow, S&P 500, and Nasdaq shed between 0.2% and 0.3% while the Russell 2000 lagged, falling 0.9%.
The underperformance of the Russell 2000 was likely owed in part to tax-loss selling, which tends to pick up this time of year. Small-caps often feel that pinch in a stronger fashion than large-cap issues since individual ... More
More Market News
John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.