Over the past few decades, women all over the world have been pressing for progress and advocating for their recognition and appreciation in the society. This has been achieved in most of the areas by allowing women to take significant positions in the society, which they were otherwise never allowed to assume. However, despite many struggles trying to liberate themselves, no much progress has been realized in their quest to close the gender pay gap.
Around the world in developing, emerging or even the developed ones, the gender pay gap remains at 20% and changed very little from the 22% figure of a decade ago. This indicates that only an insignificant level of progress has been realized in this sector. The statistics from the International Labor Organization indicate that for every 80 cents earned by a woman, on average, a man earns $1 for the same.
Regarding the participation of Labor force, the same international body reported that the gender gap stands at 26.5%, in favor of men. To exacerbate the issue, statistics show that the gaps are not likely to get any narrower, soon. The huge difference in gender pay can be attributed to a number of factors, one of them being the occupational discrepancies between women and men. These two genders happen to have some specific industrial sectors that they never share with each other, and if they do, rarely. According to research that was conducted by the senior research analyst of the International Labor Organization, Mr. Stefan Kuhn, the huge differences emerge since the women often take a significant amount of their life raising children.
One independent think tank from the Institute of Women’s Policy Research, Ariane Hegewisch, stated that many economists try to argue the issue around a myriad of factors. These include factors such as education, industry, and how long people often spend at work, in hours. However, he then highlights that after all the factors have failed to give a concrete and reliable explanation, there is only one unquantifiable factor that has been left unexplored, gender discrimination. Hegewisch strongly believes that gender bias is the primary reason that is attributable to the high gender pay gaps between men and women in the corporate world.
In spite of the enormous debate revolving around the issue of pay gaps that are gender-based, a lot of experts and professional economists believe and uphold that restoring parity on the same would impact positively on the US economy, and any other economy globally. For instance, a research conducted by the Institute of Women’s Policy Research indicated that if the women’s paychecks were increased to match those of their male counterparts, it would have a positive ripple effect on the general income of the economy as well as the GDP of the nations in the subject.