Women must wait until 2059 for gender wage gap to fully close

It will still take until 2059 for the gender wage gap to fully close, confirmed the Institute for Women’s Policy Research (IWPR).

The gender wage gap for full-time, year-round working women and men workers narrowed slightly, amid the pandemic; with women in low-paying jobs bearing the brunt of the crisis. The gender wage gap for full-time, year-round working women and men workers fell slightly, from 17.7% in 2019 to 17% in 2020, according to the IWPR’s analysis of US Census Bureau wage gap numbers, released earlier this week. However, the gender wage gap for all workers widened, from 26.5% to 27.4%; because of the disproportionate impact of cutbacks and job losses on women in low-wage jobs.

“The increase in women’s real annual earnings for full-time work would be good news in any other year. But given the pandemic, yesterday’s numbers just confirm what we have known for some time: The pandemic has had a disproportionate economic impact on women in low-wage jobs; and they continue to struggle amid the slow recovery, especially women of colour,” stated President and CEO for IWPR, C Nicole Mason. “Men continue to out-earn women. At this rate, it will take still take until 2059 before the wage gap closes; which means a lifetime of lower wages for many American women.” 

WORSENING GENDER & RACIAL INEQUALITIES

Racial and gender wage gaps also remain profound, according to the report. The numbers also reveal pervasive gender and racial inequities in wages overall. According to IWPR’s analysis, Latinas’ median earnings for full-time, year-round work were $28,911 less than White men’s (57.3% earnings ratio); and Black women’s earnings were $24,420 less (63.9% earnings ratio). These numbers show that the median earnings for a year of full-time work for Latinas ($38,718) can still leave an adult with two children near the poverty line.

Historic analysis by IWPR also shows that at the current rate of wage growth, women are still almost 40 years away from reaching pay equity with men. And each year the wage gap persists, women fall further behind men in lifetime earnings overall earnings; and their ability to provide economic security for their families.

Click here to read IWPR’s report Lost Jobs, Stalled Progress: The Impact of the “She-Cession” on Equal Pay.

Another recent report from the IWPR revealed that women in the US continue to be paid less in almost every occupation than men. Click here to read more.