Women make up almost half of the workforce, yet they continue to earn less than men on average in nearly every single occupation. The pace of progress toward pay equity has been slow, and if progress continues at the same pace, it will take until 2059 for women to finally reach pay equality.
For women of color, equal pay is even further away. Hispanic women will have to wait until 2248 to reach pay equality and black women will have to wait until 2124 for equal pay with white men.
Despite being paid less, women’s earnings are increasingly important to the economic stability of families. Women without children, both single and married, work to support themselves and other family members. Thus, persistent earnings inequality for working women translates into lower pay, less family income, and more children and families in poverty.
Eliminating the gender wage gap can add between $12 trillion and $28 trillion to global GDP by 2025. This is a serious incentive to equalize pay between men and women. Poverty could drop by 50% if the gender pay gap were to close.