The Center for American Progress analysis recently revealed that the cumulative cost of the gender pay gap to women since 1967 is estimated to be at $61 trillion.
Rose Khattar, director of economic analysis for Inclusive Economy at the Center for American Progress and co-author of the article, said, “Women cannot afford another 30 years of suffering the negative economic consequences of the wage gap.”
Major progress has been made over the past 60 years, according to the analysis, but women and primarily Latina and Black still face significant disparities in earnings compared to men. The research showed that at the current rate of progress, median full-time, year-round working women will not achieve pay parity with men until 2056. The report notes the need for additional measures to be taken like implementing the Paycheck Fairness Act to address the issue and improve the economic security of women and their families.
According to the Center for American Progress website, the $61 trillion loss has major macroeconomic implications that impact consumer spending and productivity. International studies show that closing the gender pay gap benefits businesses and also enhances economic productivity.
The authors of the article argue that policymakers should consider comprehensive measures to address the issue. This includes raising the minimum wage, implementing paid family medical leave and sick time, having access to collective bargaining, improving training and education pipelines, promote wage transparency and strengthening anti-discrimination and harassment laws.
According to U.S. Congresswoman Rosa DeLauro (D-Conn.), the Paycheck Fairness Act offers several benefits for employees, which includes protection against retaliation for discussing salaries, a prohibition on salary history screening, and requiring employers to justify pay disparities. It also provides equal remedies for sex-based discrimination claims and facilitates participation on class action lawsuits.
The act also promotes equal pay practices and offers assistance to businesses. DeLauro supports the act’s provisions to address wage disparities and promote equal pay.
