Some may think that the cause of this issue is women being unable to pursue an education because they are usually the primary care provider for their children or grandchildren, but this simply is not the case.
Women have been earning more bachelor's degrees than men since 1982, and they have been earning more master's degrees than men since 1981.
USA Today reported that women earned 58% of all post-secondary degrees in 2007. Despite this, women also earn less money at every level of education.
The Department for Professional Employees and the National Committee for Pay Equity report that for full-time workers aged 18 and older in 2005:
The median annual earnings of a female high school graduate was more than 34% less than that of her male counterpart.
The median annual earnings of a woman with a bachelor's degree was almost 31% (or $15,911) less than that of a similarly qualified man.
A woman with a master's degree earned 32% (or $21,374) less than a man with a master's degree.
The median annual earnings for a woman with a professional degree were $65,941 while men earned over $100,000.
A woman with a doctoral degree earned more than 29% (or $22,824) less than a similarly qualified man.
The implications of women earning less than men are far-reaching. Not only are women struggling financially while in the work-force, but in retirement they will receive less Social Security benefits and income from pensions because they earned considerably less money over the course of their careers. Also because they earned less, they were less likely to be able to afford to invest money in a 401K or 403b.
So what can be done to close the wage gap?
Businesses can help. Many employers may not realize that their pay policies favor men. By promoting pay equity, businesses can attract the best workers and create a work-force that feels valued.
The National Committee on Pay Equity offers a self-audit link to help businesses analyze its practices, www.pay-equity.org. Individuals can contact House representatives and members of the Senate and express their concerns about unequal pay.
The committee for pay equity also provides links to find out about current legislation on the topic of pay equity.
While I realize that many aspects of life are not fair, the reality that I will earn between $700,000 and $2 million less than my husband, brother, father, or uncle over the course of my work life simply because I am female seems to go a bit beyond unfair.
