MADISON, Wis.—As the nation marks Equal Pay Day today, Summit Credit Union said it is introducing a financial wellness initiative called Equity in Money, which focuses on solutions for pay inequities between men and women.
Summit said it wants to inspire progress for equal pay in Wisconsin, where women earn 80 cents for every $1 earned by men, according to the credit union.
“At the current rate, women in Wisconsin will not reach equal pay status until 2067,” Summit CU said.
The credit union reported it started the conversation with advertising and will continue it with an ongoing Pay Equity Dashboard that will “transparently track the cooperative’s record on pay equity.”
Later this year, Summit Credit Union said it will debut loan programs and scholarships for women.
Closing the Wealth Gap
“At Summit we are committed to helping to close the wealth gap between women and men because it is good for our members and for our communities. The pay gap makes it more difficult for women to save and can also create higher debt, which can lead to poverty for women, especially in retirement,” said President and CEO Kim Sponem, who added that women age 65 or older are about 43% more likely than men to live on an income below the poverty level. And about 65% of the elderly poor are women, according to the U.S. Department of Labor. Pay inequity leads to more than $500 billion in lost earning power annually for women, according to data from the U.S. Bureau of Labor Statistics cited by Summit CU.
‘Increased Representation’
Summit said its research showed not only the need for pay parity for women and men in similar positions, but also a need for increased representation in leadership jobs.
“There are not enough women getting promotions or breaking into higher-paid jobs and fields and that slows efforts to close the overall pay gap,” the credit union said.
Added Sponem, “As a leading financial institution in Wisconsin we want to inspire a conversation about pay equity and representation gaps in our industry and our communities. Summit is committed to ensuring fair pay for similar work for all our colleagues, while recognizing performance and experience levels. Helping women get into higher level positions within companies and boards will help reduce the pay gap as well."
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