November 10th marks the day women will effectively stop earning for the rest of the year relative to men.
Equal Pay Day 2018 was calculated by women’s group the Fawcett Society and marks the day when the average male’s pay outstrips that of women in comparative jobs.
The date has been the same for the past 2 years highlights the startlingly fact the gender pay gap is not closing.
Maike Currie, investment director for Fidelity International below, said: “The Equal Pay Act of 1970 made it illegal to pay men and women differently for the same work.
“Unfortunately, 48 years later and the gender pay gap still exists.
“Despite great inroads made in terms of gender equality, women are still the primary caregivers – they’re more than likely to be the ones opting out of work to look after an ill or elderly relative or to raise a family.
“This often means that at the time when most men are getting promoted and enjoying pay rises, women may find their careers ground to a stuttering halt.
“Companies lose experienced talent and women find it harder to re-enter the workforce at a later stage, not least as rapidly advancing technology fundamentally changes the jobs they once held.”
A gender pensions gap also exists which highlights long-term personal finance issues regarding equal pay.
Research from the pensions consultancy Mercer has shown that while the gender pay gap stands at around 16 per cent in the EU, it’s knock-on effect on women’s pension savings over time, means the gender pension gap stands at more than double this at 40 per cent.
Fawcett are calling on people to be a part of their campaign to fight unequal pay by taking ‘3 steps to #GetEqual’: Talk, Share, and Donate.
Advice on what you can do to help is listed below:
- Talk to your colleagues and ask what they earn – end the culture of pay secrecy working to the benefit of employers
- Share an equals sign on social media and use the hashtags #GetEqual #EqualPayDay. Spread the news about Fawcett’s Equal Pay Advice Service – are you or somebody you know being paid unfairly because of your sex? Apply for the Fund and we may be able help
- Donate to the Equal Pay Fund via our GoFundMe page and help women on low incomes access legal advice and claim their rights
- Share a picture of yourself with an equals sign on social media and spread the word about Fawcett’s new Equal Pay Fund aimed at helping women on low incomes access justice. Pay discrimination can happen to anyone which is why our new fund aims to provide legal advice to those women most in need.