Edited by : Ankita Sengupta
Only about 10 percent of the most powerful roles such as CEO, COO, and CFO, are held by women, the JPMorgan Chase & Co report stated.
It will take 134 years for the world to reach gender equality, JPMorgan Chase & Co stated in a recent report claiming that the equality gains have stalled of late. It said that despite increasing participation by women in the workforce globally, female representation in senior leadership roles at companies remains at the low level of about 32 percent across the world.
“Despite incremental progress, the global gender gap across 146 countries remains largely unchanged in 2024, with only 68.5 percent of the gap closed when taking into consideration economic and political participation, educational attainment and health. At the current rate, it will take an estimated 134 years to achieve full parity,” the JPMorgan report stated.
Women continue to be underrepresented in key executive decision-making power, it added, while white men dominate the highest-paying jobs in the US. Only about 10 percent of the most powerful roles such as CEO, COO, and CFO, are held by women, the company found.
Moreover, the country that has reported a record level of participation of women in the workplace, ironically, also revealed a 17 percent increase in the gender pay gap. In Europe, it remained unchanged at almost 13 percent.
The report also found that the gender pay gap in the US increases with age. Among younger workers, aged between 16 and 24, women’s median usual weekly earnings are about 8 percent lower than men’s. The gap is even wider for prime-age workers, with women earning 16 percent less than their male counterparts. The pay gap is larger still among those aged 55–64, with women earning 22 percent less than men at the median. Women aged 65 and older earn 27 percent less than men of the same age.
“This persistent gender pay gap is a stark reminder of the systemic inequalities that still exist and the need for ongoing efforts to achieve pay equity,” JPMorgan stated in its report.
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