Boston companies promise to close the wage gap for women
In 2011, working women in Boston earned 83 percent of the earnings of their male peers, according to the city’s new report on gender-based wage inequality.
Mayor Thomas Menino on Thursday released “BOSTON: Closing the Wage Gap,” which not only examines the wage gap for women in the city, but also offers companies advice on how to understand and address it.
The report shows, among other things, that a woman working full-time in Boston earns an estimated $380,000 less than a man over the course of a 40-year career, making it more difficult for women to pay off college loans, save for retirement and support their families.
“Our city is home to the best educated female population in the country. Women are the driving force behind our economy and thriving neighborhoods, but continue to be underpaid in comparison to working men in Boston. That just doesn’t add up – for the success of our city or the success of our city’s women,” Menino said.
“We’ve worked with our business community on a set of solutions that will help close the wage gap while at the same time attracting and retaining top talent in Boston.”
More than 35 companies joined Menino Thursday morning to sign 100% Talent: The Boston Women’s Compact, which outlines a set of common beliefs and goals employers will embrace to address the gap.
“Making sure women receive equal pay for equal work will help grow the economy and strengthen our families,” Sen. Elizabeth Warren said. “I applaud Mayor Menino and the Women’s Workforce Council for bringing together employers across the city to sign the Boston Women’s Compact. This is an important step toward closing the wage gap so that equal pay becomes a reality and working women earn what they’re worth.”
Read the full report at cityofboston.gov/women/talent/.