If you think the disparity in pay between women and men doesn’t apply to the financial industry, think again.
A US Census data analysis conducted last year revealed that in 2010, the pay gap between women and men was 41.6% for women classified as personal financial advisors.
Of those, 37.7% were classified as securities, commodities, and financial-services sales agents.
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That means for every $100,000 a man in the industry earns, a woman only earns $62,700.
This disparity underlies the Paycheck Fairness Act Senate Democrats are pushing for passage to help close the gender-based gap in pay.
The Paycheck Fairness Act would build upon the Lilly Ledbetter Fair Pay Act passed on January 29, 2009 that eliminated the 180-day statute of limitations for women to contest pay
That legislation was predicated by the Equal Pay Act of 1963. Senate Republicans last July blocked a paycheck fairness bill similar to the Paycheck Fairness Act.
The bill will also strengthen women’s ability to negotiate salaries and other workplace skills. It also puts the burden of proof on the employer to show that pay discrepancies are based on differences in performance.
The new act will prohibit employer retaliation
for employee sharing of salary information. Many women are the breadwinners in their families. Over a career, the disparity in pay can cost them as much as $434,000.