The gender pay gap still exists - but it's shrinking, according to a new study

By Personal FinanceFOXBusiness

Gender pay gap in focus 

Capri Cafaro, executive in residence at American University’s School of Public Affairs, and Independent Women’s Forum’s Patrice Lee Onwuka address the gender pay gap on International Women’s Day 2019.

Although the pay disparity between men and women still exists in the U.S. according to a new study, it’s slowly beginning to shrink.

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The report, published on Wednesday by Glassdoor found that while significant pay gaps remain between genders, it’s narrowed slightly in the U.S., United Kingdom, France and Australia -- although it’s still decades away from closing entirely. It’s based on more than half a million salary reports shared on Glassdoor.

In the U.S., the pay gap between men and women is 21.4 percent, meaning that women earn, on average, about $0.79 for every $1 a man earns. That’s about a drop of about 2.7 percentage points compared to 2016, when women earned $0.76 for every $1, according to the study, titled “Progress on the Gender Pay Gap: 2019.”

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“Though a promising sign, it should not detract from the larger fact that significant pay gaps remain around the world, even after controlling for workplace and job factors,” Glassdoor chief economist Andrew Chamberlain said in a statement.

If conditions remain unchanged, economists at Glassdoor estimated the gender wage gap won’t fully close until 2070.

One of the biggest factors in the pay gap, according to the study, is the industry (known as “occupational sorting”), which ultimately accounts for about 56 percent of the total U.S. pay gap. For instance, the gender pay gap is the worst for pilots at 26.6 percent, followed by chefs at 24.6 percent and C-suite professionals -- like chief executives and chief financial officers -- at 24 percent.

There are, however, some occupations where women outperform men when it comes to who gets the bigger paycheck. That includes merchandiser (-7.8 percent) and research assistant (-5.9 percent).

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“Knowing the facts about the gender pay gap is critical to helping close the gap,” Annie Pearl, Glassdoor senior vice president, said. “Combining knowledge with valuable resources is the next step to ensuring equal pay for equal work everywhere.”

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