Gender pay gap widens

Recent data from the U.S. Census Bureau reveals that the gender pay gap has widened for the first time in two decades, with women earning 82.7 cents for every dollar men make, down from 84 cents in 2022. The median earnings for men rose to $66,790, while women earned $55,240, highlighting a significant disparity especially for women of color, with Black women earning 64 cents and Latina women 51 cents to every dollar earned by white men. Experts suggest that despite women's increased workforce participation and educational attainment, systemic issues such as occupational segregation and negotiation disparities continue to contribute to the wage gap. Moreover, while pay transparency laws aim to address these inequities, their effectiveness remains limited, as many managers lack proper training on pay equity. In contrast, Iceland's gender pay gap has also increased, reaching 9.3% in 2023, indicating broader global challenges regarding gender wage equity. Overall, the findings underscore persistent inequalities in the labor market that require urgent attention and action.