Women still have a ways to go until they're paid the same as men. According to a new report released today by Oxfam, the gender pay gap will likely close in 75 years, as long as it continues to melt away at its current rate.
The agency is encouraging G20 countries to asses their agendas on gender inequality when they summit in Australia later this year. Oxfam asks member countries to extend their commitment to tackling barriers to women's social and economic participation set in the 2012 Los Cabos Declaration.
Long-standing gender discrimination and poverty prevent women from realizing their full economic potential, which can suppress a country's economic growth. The report works to address the systematic issues present in member countries by incorporating gender equality measures in fiscal economic policy and social infrastructure and governance—one measure suggests redistributing taxes to compensate for wage gaps.
With the worlds largest economies, G20 members have a lot to gain from a gender-equitable economy. Oxfam's Executive Director Winnie Byanyima explained the shortcomings. “Meanwhile, if women’s paid employment rates were the same as men’s, the USA’s GDP would increase by nine per cent, the Eurozone’s by 13 per cent and Japan’s by 16 per cent,” said Byanyima.
The 2014 Australian G20 Summit will be held in Brisbane this coming November.