In this week’s kind of good but also still depressing news, the gender pay gap has decreased for millennials.
Wahoo! According to a report by the Resolution Foundation, the gap has reduced to just 5% for millennials like you (aka anyone born between 1981 and 2000).
In a blog post, Laura Gardiner, a Senior Research and Policy Analyst from Resolution Foundation, said that thanks to things like technology and gloabalisation, millennials are “freer and more equal than any generation before them”.
Plus, the report suggests that it’s thanks to the hard work of everyone who’s been fighting for equal pay, that the gap has halved for the youngest generation. Shout out to all the Dagenham Ladies out there!
However, it’s not all good news. The study also showed that women still earn significantly less in comparison to men. Why? Because they’re the ones who can have babies.
The think tank revealed that the gap is bigger for women aged between 30 and 40-years-old, the age when women typically stop going to work, to focus on the small feat of bringing an actual tiny human being into the world instead. Women aged 30-years-old face a pay gap of a whopping 21%. The theory? While they’re away, women who choose to have kids miss out on gaining the experience that their male equivalents are getting, plus the chance to continue to climb the ladder and progress at work.
“So,” says Laura, “millennial women should still expect to face a significant lifetime earnings penalty compared to their male counterparts”. SIGH.
In 2016, Equal Pay Day (the day from which women are effectively working for free until the end of the year in comparison to men) fell on 10th November. Not being funny, but that’s a long time to be getting nothing while the guy doing the same job as you on the next desk over is raking in the cash.
We still have a long way to go until we reach full gender equality at work, but things could be looking up. In 2018, large companies with over 250 employees will legally have to publish details of their gender pay gap, so that women can access the information they need to see whether they’re being treated fairly.
As a millennial do you think the gender pay gap affects you? Let us know on Twitter @GoThinkBig.
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