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Equal Pay Day Highlighting The Pay Gap That Exists Between Working Men And Women

The legislation would ban the practice of companies prohibiting discussion of wages in the workplace, while making it easier for employees to challenge pay discrimination and provide those who are discriminated against stronger remedies.

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Equal Pay Day
People carry bags reading 'equal pay day' in Bern, Switzerland, March 7, 2015. VOA

Days after the U.S. House of Representatives passed the latest version of a bill focused on ensuring protections against pay discrimination on the basis of a person’s sex, Tuesday marks the symbolic Equal Pay Day highlighting the pay gap that exists between working men and women.

The date is meant to show the disparity by pointing out that if a man and a woman each start working on January 1, what the man is paid by the end of December will not be paid to the woman until the beginning of April the following year.

According to the latest data released by the U.S. Census Bureau, the median income for women working full-time is about 80 percent of that earned by men.

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The legislation would ban the practice of companies prohibiting discussion of wages in the workplace, while making it easier for employees to challenge pay discrimination and provide those who are discriminated against stronger remedies. Pixabay

Among specific industries, women suffer from the largest pay gaps in securities and financial sales, financial management, credit counseling and retail sales.

In securities and financial sales, the median income for men was $101,423 while for women it was $61,936, according to the data released last year.

Pay is most equal among food preparation workers, writers and authors, pharmacists, counselors and social workers. Those working as retail or wholesale buyers earn more than their male counterparts.

A 1963 federal law prohibits wage-based discrimination for men and women who work jobs requiring “equal skill, effort, and responsibility.” While the gender pay gap has narrowed since the law went into effect, discriminatory practices in compensation endure.

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Among specific industries, women suffer from the largest pay gaps in securities and financial sales, financial management, credit counseling and retail sales. (Pixabay)

The Paycheck Fairness Act, which passed the House by a 242-187 margin last week, seeks to build on the old law and address the remaining pay gap.

“These pay disparities exist in both the private and governmental sectors. Pay disparities are especially severe for women and girls of color,” the bill’s authors wrote. “In many instances, the pay disparities can only be due to continued intentional discrimination or the lingering effects of past discrimination. After controlling for educational attainment, occupation, industry, union status, race, ethnicity, and labor force experience roughly 40 percent of the pay gap remains unexplained.”

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The legislation would ban the practice of companies prohibiting discussion of wages in the workplace, while making it easier for employees to challenge pay discrimination and provide those who are discriminated against stronger remedies.

Similar bills in recent years have failed to gain enough support to pass, particularly among Republicans. Critics say the measures would invite too many lawsuits and discourage companies from hiring women. (VOA)

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RBI Working With Regulators For Better Security Lending Products, Says DG

The Reserve Bank of India (RBI) is currently working with other financial sector regulators like Sebi, PFRDA and Irda to develop an interest rate market

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RBI, security, finance, market
This is broken as Rs 1,23,414 crore as surplus for year 2018-19 and another Rs 52,637 crore of excess provisions identified by the committee as per the revised Economic Capital Framework. Pixabay

The Reserve Bank of India (RBI) is currently working with other financial sector regulators like Sebi, PFRDA and Irda to develop an interest rate market where mutual funds, pension and insurance funds could participate in securities lending to deepen market based finance and develop an alternate to bank finance.

“IRDA, SEBI and PFRDA too could help development of interest rate markets. For instance, short selling activity could benefit if a wider pool of securities lenders can be developed.

“Insurance and pension funds, mutual funds have significant holdings of Government securities that could be used to lent to short sellers. This would avoid short-squeeze incident we saw a couple of years back, apart from generating income for these entities.

“We are working with regulators to develop a securities lending product that could enable these entities to participate in securities lending,” B.P. Kanungo, Deputy Governor, Reserve Bank of India recently said at FIMMDA meeting in Moscow.

RBI, finance, security, market
Reserve Bank of India’s regional office at South Gandhi Maidan Marg, Patna. Wikimedia Commons

FIMMDA is a representative body of participants in the fixed income market in India.

He said the Indian financial sector which mostly has been a bank-based one needs to develop a robust fixed income market to bring in market discipline, to augment bank finance and indeed free up bank finance for uses that cannot access the market directly.

Development of the fixed income market has been an important objective of the Reserve Bank, the Government, the SEBI and other regulators these many years. Significant progress has been made, yet a lot remains to be achieved.

The Banking regulator is also currently looking at refurbishing some regulations on treatment of cash margins as deposits, payment of interest on such margins, posting of collateral abroad to enable participants to move to global margining standards.

“The risk management at market level is pretty robust, with central counterparty settlement, exchange traded products, trade repositories, legal entity identifier.

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But there is scope of improvement at entity-level as far as financial institutions are concerned, which will be tested with introduction of new accounting standards. Some other aspects of regulation – treatment of cash margins as deposits, payment of interest on such margins, posting of collateral abroad – are all under examination to enable participants to move to global margining standards.

Kanungo further said in the next five years the demand for bonds will significantly outstrip the supply.

“It is estimated that five years down the line, the demand for bonds will significantly outstrip the supply,” he said. (IANS)