Learning more about equal pay for women compared to men. How much the wage gap will cost us in the future?© BrainMass Inc. brainmass.com October 1, 2020, 7:00 pm ad1c9bdddf
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The wage gap is a statistical indicator often used as an index of the status of women's earnings relative to men's.
The wage gap is expressed as a percentage (e.g., in 2003, women earned 76% as much as men) and is calculated by dividing the median annual earnings for women by the median annual earnings for men.
It wasn't until the passage of the Equal Pay Act on June 10, 1963 (effective June 11, 1964) that it became illegal to pay women lower rates for the same job strictly on the basis of their sex. Women have made enormous progress in the workforce since the Equal Pay Act, but the stubborn fact remains that four-and-a-half decades later the basic goal of the act has not been realized.
The wage gap between women and men cuts across a wide spectrum of occupations. The Bureau of Labor Statistics reported in 1999 that female physicians earned 62.5% of the median weekly wages of male physicians, and women in sales occupations ...
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