Narrowing Latin American wage gap is “most important trade problem”, advocates say

0


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.

The organization Justice for migrant women and the Equal pay today! Coalition hosted a virtual event Thursday alongside a wide variety of Latino business leaders and activists.

“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 the Latinas 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.

While the number of unemployed has declined this year, the Latin American unemployment rate remains at about 6 percent, compared to the overall unemployment rate of 4.8 percent.

If nothing is done to help close the Latin American wage gap, it will take at least 176 years old for Latinas to achieve equal pay, according to the American Association of University Women.

Rochester, NY, City Council member Jackie Ortiz, co-founder of the Pay Equity Coalition, holds a sign during a press conference on August 13, 2020, in Rochester.Tina MacIntyre-Yee / Rochester Democrat and Chronicle / via USA TODAY Network

Another startling statistic: A Latina is at risk of losing about $ 1.2 million over a 40-year career if such wage disparities persist, according to the National Center for Women’s Rights.

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.”

To follow NBC Latino to Facebook, Twitter and Instagram.



Leave A Reply

Your email address will not be published.