Are We Really Making Progress? Equal Pay Day
I have the dubious distinction of celebrating my birthday on the same day as Equal Pay Day this year š„ŗ and Iām torn between feeling pleased or downright furious.
The gap has decreased from 56 days last year, which is worth celebrating. š
But itās still 50 daysāalmost two months of extra work every year, year after year. š±
So, what is Equal Pay Day?
It marks the 50 extra days women have to work after 1 July 2024 to earn what the average man earned last financial year. And itās worse when you consider that this figure doesnāt include bonuses, superannuation, or overtime, which often favour men.
The implications are lifelong:
āŗ Less money to build wealth and secure your futureāstarting from your first role out of school or uni
āŗ Less money going into retirement and superannuation
āŗ Greater reliance on the benevolence and goodwill of others
āŗ Feeling like a second-class citizen as a result
āŗ And possibly needing to work an additional 6.35 years just to retire with the same amount as a male peer
Australia has a serious issue right now with women retiring under the poverty line with limited savings.
Thatās terrifying.
My 2025 birthday wish?
While Iām glad to celebrate progress, I hope that Equal Pay Day is done and dusted by the end of July, with an even greater reduction forecasted for 2026.
Now, that would be worth celebrating.
YOUR THOUGHTS?Ā Drop me a line and let me know.
Source: Workplace Gender Equality Agency, August 2024
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