The international credit rating agency Moody’s reported that closing the gender pay gap could contribute approximately $7 trillion to the global economy.

In the credit rating agency’s analysis of the gender pay gap, limited progress has been made in increasing women in the workplace over the past 10 years.

In the analysis, which drew attention to the fact that ensuring gender equality is at the heart of the Sustainable Development Goals, which member states of the United Nations (UN) agreed to achieve by 2030, it was stated that it is still far from that goal. and it may take 132 years to reach it in the current situation.

‘IT CAN PROVIDE GREATER WEALTH IN DEVELOPING COUNTRIES’

The analysis noted that improving gender equality in leadership positions could lead to greater economic prosperity globally, especially in developing countries.

In the analysis, it was stated that changing social norms is a long and complex process, but it was affirmed that policies such as the implementation of flexible working conditions, the provision of affordable childcare services and the provision of paid maternity and paternity leave They helped steer change in the right direction. address.

MAIN REASONS FOR THE DIFFERENCE IN FEES

The analysis suggested that the underutilization of women’s skills in the labor force generates economic losses at the individual and macroeconomic levels.

It was emphasized that closing the gender gap in management positions and increasing the potential of women in the workforce would increase productivity and economic output around the world, noting that closing the gaps in major emerging economies, including the India, would further increase this potential.

In the analysis, it was pointed out that the lack of family responsibilities assumed by women and the lack of similar ties are among the main reasons for the wage gap between men and women.

In the analysis, which indicated that women are held to higher standards than men, it also found that women were less likely to seek promotion. (AA)