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Equal Pay Day

Question:

What is Equal Pay Day?

Answer:

Equal Pay Day symbolizes the point in the year that the average woman would have to work for her salary to catch up to the average man’s salary from that previous calendar year. Equal Pay Day in 2013 is on Tuesday, April 9th.

According to the National Committee on Pay Equity and their most recent findings:

Women’s earnings were 77.0 percent of men’s in 2011, compared to 77.4 percent in 2010, according to Census statistics released September 12, 2012 based on the median earnings of all full-time, year-round workers. Men’s earning in 2011 were $48,202 and women’s were $37,118, a difference of $11,084.

Additionally, the National Women’s Law Center reports:

  • The wage gap persists at all levels of education. In 2011, the typical woman in the United States with a high school diploma working full time, year round was paid only 74 cents for every dollar paid to her male counterpart. Among people with a bachelor’s degree, the figure was also 74 cents. In fact, the typical woman who has received an associate’s degree still isn’t paid as much as the typical man who only graduated from high school.
  • A typical woman who worked full time, year round would lose $443,360 in a 40-year period due to the wage gap. A woman would have to work almost 12 years longer to make up this gap. A typical woman working full time, year round who starts, but does not finish, high school would lose $372,400 over a 40-year period, an enormous amount of money for women who are typically paid $21,113 a year. A woman would have to work over seventeen years longer to make up this gap.

Providing adequate employee Benefits and Compensation are key to recruitment and retention of employees and having the right policies in place can make or break a company. Strategic HR, inc. understands this critical need and can help you with any of your tough benefit and compensation questions. Please visit our Benefits & Compensation page for more information on how we can assist you with creating a strong and competitive Benefits or Compensation package.