Narrowing Latin American wage gap is “most important trade problem”, advocates say
National Equal Pay Day for Latinas, recognized on Thursday, highlights the fact that for every dollar given to a non-Hispanic man, Latinas are only paid 57 cents, which means they owe work at least 21 months, nearly two years, to match the annual income of a white man.
“We all know it’s not fair. It’s not equal, and it certainly isn’t fair,” said Mónica Ramírez, founder and president of Justice for Migrant Women.
Income inequality hits Latinas the hardest, who have experienced the biggest drop in employment in the past year due to the Covid-19 pandemic compared to any other group. From February to May 2020, around 21% of Latinas in the workforce lost their jobs.
Veronica Segovia Bedon, senior diversity and equity advisor at AARP, told the virtual event that Latinas have a high life expectancy of around 84 years.
“We, as Latinas, are at a higher risk of outliving our assets and living in poverty later in life than any other demographic,” said Bedon.
Supporting efforts to help workers grow their retirement savings should benefit Latinos in the long run, as Latinas earning $ 75,000 to $ 100,000 per year have the highest participation rates in retirement plans in the world. their employer, said Bedon.
Latin people are 1 percent of executives and less than 2 percent of directors on the other side Fortune 500 companies, according to Hispanic Association on Corporate Responsibility.
Despite the growing corporate commitment to racial equity and diversity in all industries, Latinas and other women of color have seen no improvement in their daily experiences in the workplace, according to McKinsey’s latest Women in the Workplace report, in partnership with LeanIn.Org, one of the largest studies on the situation of women in American business.
“Diversity, equity and inclusion in the workplace are one of the most important business issues of our time,” said Daisy Auger-Dominguez, Human Resources Manager at VICE Media, during the event. “We cannot talk about fairness in the workplace and not address the persistent obstacles Latinas face every day.”