Pay Gap Will Take 50 Yrs To Close

There have been lots of improvements for women in the workplace over the last few years, but despite this, findings have shown it will still take half a century for the gender pay gap to close. 

PwC looked at the salary divide of 14 per cent in OECD nations in 2021 as well as the historical rates of progress in this area and determined it will still be 50 years before men and women are paid the same. 

This means a 20-year-old woman starting her career will never receive the same wage as a male counterpart. 

Larice Stielow, senior economist at PwC UK, said: “If the rebound from the Covid-19 pandemic has taught us anything, it is that we can’t rely on economic growth alone to produce gender equality - unless we want to wait another 50 years or more.”

According to Pwc, by boosting women’s salaries, this would boost female earnings by more than $2 trillion (£1.69 trillion) per year. 

PwC also revealed its Women in Work Index, which shows there was a decline in the unemployment rate for women in 2021, dropping from 6.7 per cent to 6.4 per cent. However, a similar drop was also seen in male unemployment rates. 

When it comes to women deciding to make career changes, one of the most important considerations is finding a workplace where they can truly be themselves. This is accompanied by having a team that cares about their wellbeing, and achieving job fulfilment. 

Many women find returning to work after a long absence, such as maternity leave, difficult. That is why it is worth bearing these considerations in mind when choosing the next role.