Everyone has heard that women generally earn less than male counterparts. However, did you know that it can sometimes be millions of dollars less, depending on how high of position a woman is at a company?
CNN recently reported that women in high-paying fields typically earn hundreds of thousands of dollars less than men in their same positions. The report found that women who experience this the most often work as a business and financial executives, doctors and lawyers.
In the United States, federal and state laws are in place to protect employees from wage discrepancies based on sex. According to the Equal Pay Act of 1963:
“No employer shall discriminate… between employees on the basis of sex by paying wages to employees in such establishment at a rate less than the rate at which he pays wages to employees of the opposite sex in such establishment for equal work on jobs[,] the performance of which requires equal skill, effort, and responsibility, and which are performed under similar working conditions.”
However, these practices occur every day across the United States. CNN reported female lawyers earn an average of 300 thousand less than their male counterparts. Additionally, males in the workforce are privy to benefits and positions that women do not receive. Besides compensation, males in the workforce can also expect the following perks:
- Stock options
- Equity in the company
- Quicker promotions
- Leadership positions
- Superior clients
- Preference on assignments
Experiencing a wage gap because of your gender can be devastating and have serious financial ramifications. It can be beneficial to consult with an experienced employment law attorney to discuss your options and fight for the justice you deserve.