The gap exists as a universal between the genders, and it exists within the vast majority of occupations. Report: Gender Pay Inequality -- Consequences for Women, Families and the Economy President John F. Kennedy signed the Equal Pay Act into law on June 10, 1963. women and their families have less money to support themselves, save and invest for the future, and spend on goods and services. This statistic demonstrates … Gender pay gap exists because of the belief that senior responsibilities like those related to management belong to men naturally because they need more working hours and increased availability. What exactly is the gender pay gap? As a result, they are considered to be men's duties. Many factors drive the gender pay gap, but one of the most common explanations is the so-called "motherhood penalty," or the way that women's earnings are negatively impacted by … The Gender Wage Gap: Causes, Consequences, and Remedies eliminate the gender wage gap that exists now, however today, it does not eliminate the issue because women are still getting pay 80 cents for every dollar men earn (NWLC.org). Simply put, it’s the hard reality that women, within the United States and around the world, earn only a portion of what men earn for doing the same jobs. Beyond potential solutions for closing the gender wage gap over women’s lifetimes, there have also been proposals to expand Social Security so that it offers more of a cushion in old age. Explanation: Gender pay gap refers to the difference between average payment for men and women. The law mandates that men and women receive equal pay for “substantially equal” work at the same establishment. The gender wage gap affects an organization’s performance, workplace culture and bottom line. Companies that close pay gaps now will pay less than those who wait to take action, as the average cost to correct gaps increases by $439,000 each year. women not increased their investments in education and experience, the gender pay gap would have widened in the 1980s simply due to the changes in the overall wage structure. Women, their families, businesses and the economy suffer as a result. The Gender Pay Gap Defined . The family gap may be another reason why the gender gap is larger in the United States than in other countries. A family during a picnic in Stockholm. Researchers say that if men took on more child care responsibilities, it could help shrink the gender pay gap. 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