Equal Pay Day 2023: How The Wage Gap Adds Up To $1 Million Lifetime Loss

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Equal Pay Day 2023: How The Wage Gap Adds Up To $1 Million Lifetime Loss
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This year Equal Pay Day falls on March 14, representing the fact that women working full-time, year around earn only 84 cents for every dollar paid to white, non-Hispanic men. Here is what that means, and how the financial inequity adds up.

When Maria Serratos—a 25-year-old Latina majoring in civil engineering at Mississippi State University—was working as a bookkeeper at a grocery store to help pay for college, she was not aware of theHowever, she did become aware that a male bookkeeper who was doing the same job and working the same amount of hours at the grocery store where she was employed was getting paid a few dollars more per hour than she was—despite the fact that she had been in the position for longer.

“I went to my boss and said—let's call him Jimmy—’Jimmy said he was making X a week and I've been here longer than him, and I would like to make about the same amount or I would like a raise,’” Serratos recalls. “My boss told me yes, they were indeed giving my male co-worker more, because he had just had a baby and needed more money than I did. I thought, ‘I’m working to put myself through college,’ but that didn’t really matter.

The manager’s response illustrates persistent gender bias that continues to impact women’s lifetime earnings, such as how men experience a ‘fatherhood bonus,’ or increase in salary when they become a parent, and“At the time, I thought the unequal pay between myself and my male co-worker was just at my particular workplace, and I didn't think it was an overall, larger issue,” says Serratos.

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