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SECTION 1 2 3 EXTREME INEQUALITY ECONOMIC INEQUALITY COMPOUNDS GENDER INEQUALITY Female construction workers work to build offices for IT companies in a new technology park, Bangalore, India (2004). Photo: Panos/Fernando Moleres One of the most pervasive – and oldest – forms of inequality is that between men and women, and there is a very strong link between gender and economic inequality. Gender discrimination is an important factor in terms of access to, and control over, income and wealth. While the reasons behind inequality between women and men are about more than money, there is no doubt that the overlap between economic inequality and gender inequality is significant. Men are overwhelmingly represented at the top of the income ladder, and women are overwhelmingly represented at the bottom. Of the 2,500 people that attended the World Economic Forum in 2014, just 15 percent were women. 205 Only 23 chief executives of Fortune 500 companies are women. Of the top 30 richest people in the world, only three are women. The richest in society are very often disproportionately represented in other positions of power; be they presidents, members of parliament, judges or senior civil servants. Women are largely absent from these corridors of power. < Only 23 Fortune 500 chief executives are women > At the same time, around the world, the lowest paid workers and those in the most precarious jobs are almost always women. The global wage gap between men and women remains stubbornly high: on average women are paid 10 to 30 percent less than men for comparable work, across all regions and sectors. 206 The gap is closing, but at the current rate of decline it will take 75 years to make the principle of equal pay for equal work a reality. 207 42
SECTION 1 2 3 EXTREME INEQUALITY 2089 EQUAL PAY FOR EQUAL WORK AT THE CURRENT RATE, IT WILL TAKE 75 YEARS FOR WOMEN TO EARN THE SAME AS MEN FOR DOING THE SAME WORK The wage gap is higher in more economically unequal societies. Women are significantly more likely to be employed in the informal sector, with far less job security than men. Some 600 million women, 53 percent of the world’s working women, work in jobs that are insecure and typically not protected by labour laws. 208 In Bangladesh, women account for almost 85 percent of workers in the garment industry. These jobs, while often better for women than subsistence farming, have minimal job security or even physical safety. The majority of those killed by the collapse of the Rana Plaza garment factory in April 2013 were women. In Brazil, 42 percent of women are in insecure and precarious jobs, compared to 26 percent of men. 209 Country-level studies have also demonstrated that the gender distribution of wealth, including land and access to credit, is far more unequal than income. 210 The majority of unpaid care work is also shouldered by women and is one of the main contributors to women’s concentration in low-paid, precarious and unprotected employment. In many countries, women effectively subsidize the economy with an average of 2–5 hours more unpaid work than men per day. 211 Even when women are employed, their burden of work at home rarely shrinks. In Brazil, women’s share of household income generation rose from 38 percent in 1995 to 45 percent in 2009, but their share of household care responsibility < Just 3 of the 30 richest people are women > 43
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