Closing the pay gap in UK would increase country earnings by £90 billion a year, wrote www.pwc.com in their annual report called Women in the work Index 2018.

Talking about Gender pay gap, it´s important to analyse the situation. The world has made a huge step forward since the days women didn´t have almost any right. However, women are still earning lower salaries than men. The reasons of lower salaries are maternity leave and family care which cause less working hours. Further, discrimination and voluntary lower education are influencing women´s working schedule. Though, with eliminating this inequality, GDP would increase and countries would earn annually much more. How would potentially increase the earnings from closing gender pay gap? According to OECD*, Germany would earn $210bn more and UK would earn $120bn more than they currently do.

“The potential long-term economic gains across the OECD from an increase in women in work boosts GDP by over US$6 trillion.” Written in annual report Women in Work Index 2018. Looking at the statistics, Nordic countries occupy the top 3 positions in lower gender pay gap. Countries like Greece or Mexico where the employment of women is relatively low would increase GDP in 30% if they would reach similar female employment as it´s in Sweden.

How to achieve more working women?

OECD offers policies to close the gender pay gap consisting from 3 main suggestions. Firstly, women are most likely interrupting work during maternity leave. And even after having a child, in general they are not applying on higher positions. What OECD suggest is to increase spending on family benefits and childcare. Next idea is to encourage female entrepreneurship and offer greater opportunities in higher-paid and higher-skilled roles.

 

*OECD is the Organisation for Economic Wo-operation and Development and is aimed to promote policies that will improve the economic and social well-being of people around the world.

 

TAGS:   WBW  Women in work Index 2018  Women in leadership