The law mandates that men and women receive equal pay for “substantially equal” work at the same establishment. A family during a picnic in Stockholm. Explanation: Gender pay gap refers to the difference between average payment for men and women. Gender pay gap exists because of the belief that senior responsibilities like those related to management belong to men naturally because they need more working hours and increased availability. The family gap may be another reason why the gender gap is larger in the United States than in other countries. The gender wage gap affects an organization’s performance, workplace culture and bottom line. The gender pay gap sees minimal or no improvement at higher education levels compared to a high school degree, which has a controlled pay gap of $0.98. Beyond potential solutions for closing the gender wage gap over women’s lifetimes, there have also been proposals to expand Social Security so that it offers more of a cushion in old age. women and their families have less money to support themselves, save and invest for the future, and spend on goods and services. The United States does at least as well as Companies that close pay gaps now will pay less than those who wait to take action, as the average cost to correct gaps increases by $439,000 each year. Many factors drive the gender pay gap, but one of the most common explanations is the so-called "motherhood penalty," or the way that women's earnings are negatively impacted by … Report: Gender Pay Inequality -- Consequences for Women, Families and the Economy President John F. Kennedy signed the Equal Pay Act into law on June 10, 1963. women not increased their investments in education and experience, the gender pay gap would have widened in the 1980s simply due to the changes in the overall wage structure. As a result, they are considered to be men's duties. If the annual gender wage gap were eliminated, on average, a working woman in the United States would have enough money for approximately: This statistic demonstrates … Researchers say that if men took on more child care responsibilities, it could help shrink the gender pay gap. Simply put, it’s the hard reality that women, within the United States and around the world, earn only a portion of what men earn for doing the same jobs. The Gender Pay Gap Defined . What exactly is the gender pay gap? The gap exists as a universal between the genders, and it exists within the vast majority of occupations. Organizations that formally prioritize gender pay equity tend to have superior performance. Women, their families, businesses and the economy suffer as a result. Called "Gender Pay Inequality Consequences for Women, Families and the Economy," the research delved deep into pay disparity and found that depending on location, age and race, some women are much better off than others, though none are equal to men in terms of pay. The Gender Wage Gap: Causes, Consequences, and Remedies eliminate the gender wage gap that exists now, however today, it does not eliminate the issue because women are still getting pay 80 cents for every dollar men earn (NWLC.org). Have superior performance the law mandates that men and women receive equal pay for “ equal... To be men 's duties gap refers to the difference between average payment for men and receive... A result, they are considered to be men 's duties performance, workplace culture and bottom line tend. 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