It will take 132 years to reach pay parity: Global Gender Gap report

At the current rate by which the global gender pay gap is closing it will take 132 years to reach full parity. This represents a slight four-year improvement compared to the 2021 estimate (136 years to parity) but that still much worse than pre-2020 when the gap closed to under a hundred years.

New statistics from the Global Gender Gap report published by the World Economic Forum shows a four-year improvement to pay parity compared to 2021.

However, it does not compensate for the generational loss which occurred between 2020 and 2021, according to trends leading up to 2020, the gender gap was set to close within 100 years.

In the report, Australia ranked 43^rd on the list behind New Zealand at 4^th position, the US at 27^th and the UK at 22^nd. Within Asia Pacific, Australia ranked third behind New Zealand, at number one and the Philippines at number two.

Saadia Zahidi, managing director at the World Economic Forum said as leaders tackle a growing series of economic and political shocks, the risk of reversal is intensifying.

“Not only are millions of women and girls losing out on access and opportunity at present, but this halt in progress towards parity is also a catastrophe for the future of our economies, societies and communities,” she said.

Zahidi said accelerating parity must be a core part of the public and private agenda.

“While more women have been moving into paid work over the last decades and, increasingly, into leadership positions in industry, there have been continued headwinds: societal expectations, employer policies, the legal environment and the availability of care infrastructure.

This has continued to limit the educational opportunities women access as well as the career possibilities they can pursue. The economic and social consequences of the pandemic and geopolitical conflict have paused progress and worsened outcomes for women and girls around the world – and risk creating permanent scarring in the labour market,” she explained.

On the other hand, the increasing representation of women in leadership in a number of industries, engagement in tertiary education overall and rebound in professional and technical roles are encouraging and may provide a basis for future efforts, Zahidi said.

“Collective, coordinated and comprehensive action will be needed to create sustained improvements and halt the risks of reversals,” she said.

“As a basis for action, close and constant monitoring of the gender gap is a critical first step. This year’s Global Gender Gap Report findings serve as a tool for leaders to identify areas for individual and collection action.”

As the work-related gender gap expands, there is an increase in various needs such as social working and reskilling.

Zahidi said, “Widening work-related gender gaps increase the need for social and worker protection, reskilling and reintegration opportunities, strengthened care infrastructure, strengthening female leadership in industries where women are underrepresented, and a more proactive approach to preparing the ground for gender parity in the growing industries of the future.”