What You Need to Know About Latina Equal Pay Day
Today is Latina Equal Pay Day, the symbolic point in 2019 where the average Latina woman’s earnings finally “catch up” to what a non-Hispanic white man earned in 2018. Latinas working full-time, year-round are typically paid only 54 cents for every dollar paid to their white, non-Hispanic male counterparts. In order to make as much as white, non-Hispanic men typically do in a year, Latinas have to work almost 11 extra months. What’s more? Latina Equal Pay Day is 18 days later this year after Latinas lost one cent on the dollar compared to white men’s earnings— and the gap has only closed by 4 cents in the last 40 years.
We’re going to need more than just one cent per decade if we want to reach pay parity before the year 2224. This November 20, let’s reaffirm our commitment to close the wage gap for all women and make Equal Pay Day a thing of the past. Here’s how you can join the campaign for Latina Gender Equity.
Know Your Facts
Latinas are among the most adversely affected by the gender pay gap, making 8 cents less on the dollar than black women, 27 cents less than white women and 35 cents less than Asian women. If the gap does not improve, experts estimate that Latinas stand to lose $28,036 every year and $1.1 million over the course of a 40-year career.
Here are some more facts and figures about Latina workers in the nation that you should know:
- 27%: By 2060, 27% of women in the U.S. will be Latina
- 13: As of 2019, 13 Latinas hold seats in Congress
- $235: Latina women who have joined a union earned $235 more per week
- 8.7%: Latinas now represent 8.7% of the total U.S. population, which currently equals to 27.9 million
- 28%: Latina women in unions earn 28% more than their non-union counterparts
- $621: Latina median weekly earnings equals $621, compared to the $835 that white non-Hispanic women make
Closing the gap is not only the right thing to do— it’s good for business. Latinos are the second-largest demographic group in the country. With a population of 60 million people, the Hispanic population is propelling our economy forward. Just look at the numbers:
- $2.3 trillion: The Hispanic GDP last year was 2.3 trillion dollars. If it was a stand-alone economy, they would have the 7th largest GDP in the world
- 2020: Latinos are the fastest-growing demographic group in the country. By 2020, Latino GDP is projected to account for nearly one-quarter of total U.S. GDP Growth
- 70%: Latino consumption grew 70% faster than non-Latino consumption during the last decade
- $1.7 trillion: Latinos command nearly 1.7 trillion of purchasing power each year
- $1 trillion: Latinas account for close to $1 trillion in U.S. buying power
What Does Closing the Wage Gap Mean for Latinas?
The pay gap is holding women back from reaching their true potential. Without the annual wage gap, the typical Latina would earn enough for:
- Approximately 37 more months of childcare
- Almost two additional years of tuition and fees for a four-year public university, or the cost of tuition and fees for a 2-year community college
- Nearly 20 additional months of premiums for employer-based health insurance
What Will It Take to Close the Latina Pay Gap?
Here are three steps leaders can take to maximize the potential of the Latino community:
- Flip the script. The Hispanic community is suffering from misrepresentation and a lack of visibility. While they yield immense power as consumers (Latinos comprise 20% of the coveted 18-34 marketing demographic), they account for a mere 1% of television family programming. Encouraging Latinas to own the narrative of what it means to be Hispanic is one step towards correcting this inequity.
- Empower authenticity. More than three out of four (76%) of Latinos expend energy downplaying parts of their identity in the workplace. When Latinos don’t feel welcome and included at work, individuals and companies lose out on their unique insights and may fail to tap into the Latino market.
- Increase access to capital and sponsorship for Latinas. Latinas create businesses six times faster than any other group. To enable these businesses to prosper and stimulate the economy, we need to provide more access to capital and offer better support in areas of financial literacy.
We can’t afford to let the Latina wage gap to widen any further. All women deserve paycheck fairness NOW.
For more on closing the gender pay gap, check out:
I Want It, I Got It: Know Your Worth When Negotiating
What You Need to Know About Black Women’s Equal Pay Day
Women’s Equality Day: Hidden Figures From the Suffrage Movement