That means the pay gap has closed by less than half a penny per year over the last 35 years. At the current rate, it will take until the year 2038 for women to reach parity in wages, NCPE says. In January President Bill Clinton announced a new initiative to ensure that equal pay for equal work becomes reality sooner. One big reason why the pay gap persists, despite women s gains in education and experience, is the demeaning practice of wage discrimination in our workplaces, Clinton said in a radio address Jan. 29. Too many employers still undervalue and underpay work done by women.
Conditions are worse for women of color, who face both sex and race discrimination.
The percentage for Hispanic women is less than 60 percent. Men outearn women both overall and at every age, on average, according to the institute. At all education levels, women and people of color earn less than white men. Men with a high school education earn nearly as much as women college graduates. Older women face a double whammy.