Gender Pay Gap Remains Stagnant in Major Economies

A recent report by the Center for New York City Affairs reveals that the gender pay gap in New York City has remained largely unchanged over the past two decades, with women earning 8% less than men overall and facing significant penalties based on race. While women of color experience the largest wage gap, men of color are also disadvantaged compared to their white counterparts. Meanwhile, research from the Global Payroll Association indicates that the UK’s gender pay gap is predicted to narrow to 11.9% by 2025, although the gap persists due to structural factors. Contrary to optimistic forecasts, a study from the Centre for Economic Policy Research suggests that the gender pay gap may continue indefinitely in high-income countries, primarily due to educational disparities in major choices. The findings underscore the complexity of addressing wage disparities across different demographics and occupations. Overall, despite some progress, significant barriers remain in achieving wage equality.