Equal Pay Day Brings Attention To Gender Pay Gap
By Jan Carabeo
PHILADELPHIA (CBS) -- We all know and love pay day, but what many are still surprised to find out is that men and women still aren't equal when it comes to that paycheck.
Only today, more than three months into 2014, does the average woman finally catch up and make what her male counterpart did in 2013.
Danielle Boardley says, "That is very surprising, I didn't realize that."
It's very frustrating for women just trying to make ends meet.
Susan Harmon says, "Because I've been working for the last 20 years and most men make more than I do, even with a Masters degree."
Government data indicates that on average a full-time working woman makes only 77 cents to every dollar made by a man.
And the gap gets even wider for women of color. African American women make only 64 cents and Hispanic women make just 56 cents for every dollar earned by men.
That discrepancy adds up tremendously over the years.
The director of Communications For Vision Mary Flannery says, "Women earn $400,000 less than over the course of a working life then men do in generally. This means that the less you earn, the less you have in retirement."
Boardley says, "That's pretty discouraging, and with children, pretty concerning for my children as they get older."
Vision 2020, a national initiative based at Drexel University College of Medicine, says much can be done to close the pay gap.
Not only legislation and cooperation by corporations, but women also need to be stronger in negotiating their own pay.
Flannery says, "Men do this all the time, women don't do it as well. This is a skill that we need to learn so that we can be better prepared compensated. Not only for today, not only for this year, but for our entire careers." So Vision 2020 can reach its goal of pay equality by 2020.
But if the current rate continues, that won't actually happen until 2058.
