It takes White women more than fourteen months to make what men do in a year. It takes women of color even longer.
March 15 marks Equal Pay Day. It's the amount of time women had to work into 2022 to make the same amount men were paid in 2021 alone. on the dollar compared with men, according to a new analysis by the National Women's Law Center, which looked at the latest data from 2020. But when comparing all women who worked in 2020 with all men who worked, regardless of hours and weeks, women were typically paid just 73 cents on the dollar.
For Asian women, the gender pay gap to White men amounts to $3,000 a year and $120,000 over a 40-year career. For White women, it's nearly $14,000 less in earnings a year, and more than $555,000 over a 40-year career. For Black women, it's more than $24,000 annually and more than $976,000 over a 40-year career. For Native American women, it's $27,000 less a year and more than $1 million over 40 years.
While the number of women working full-time has increased from 2020 to 2021, there are still 1.1 million fewer women in the labor force last month than in February 2020. "When you take time out of the labor force, it's hard to come back in at the same level that you left, and because you've been out for so long you might be willing to accept a job that's lower than when you left or with lower wages, and that's going to follow you around," Tucker said."So putting measures that are going to keep women attached to the labor force are going to help.
Another factor contributing to the wealth gap: a lack of investments, which could cost women hundreds of thousands, if not millions of dollars over their lifetimes, even as they need to save more for retirement than men – because women live longer, and Social Security benefits are based on lifetime earnings.
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