Today, March 25, is the national observance of Equal Pay Day, when women and men around the country recognize the wage gap between working women and men — and offer potential remedies to address pay inequity.

According to statistics released in 2024 by the U.S. Census Bureau, women earned only 83% of the median annual salary paid to men. In other words, for full-time, year-round workers, it took women 15 months to earn what men earned in 12 months.

Michigan women are paid just 82% of what men receive, while Wisconsin women are paid 83% of what men earn.

Women and our families are being shortchanged thousands of dollars a year and hundreds of thousands of dollars over the course of a lifetime. What does this mean to our nation?

According to the most recent analysis by the American Association of University Women, this pay gap results in: a reduced workforce, with women leaving due to the high cost of caregiving responsibilities; an increase in dependence on financial safety nets such as Social Security and other retirement programs; and more than a $60 trillion loss of economic contribution to the national economy.

What could close the gap?

Strengthening and enforcing the national Equal Pay Act and similar state laws would require employers to provide equal pay for work of equivalent value.

Making higher education programs more affordable would decrease risks of unemployment for women. Grants and work-study programs for lower-income students, student loan repayment options, and expanded loan forgiveness opportunities would reduce financial barriers to obtaining a post-secondary degree.

Offering paid family and medical leave initiatives would decrease barriers faced by women who are disproportionately responsible for caregiving. It would also increase loyalty to employers, protect Social Security retirement benefits and lengthen their participation in the workforce.

In addition, making child care more affordable would not only increase women’s opportunities for work but would also increase families’ incomes to benefit the economy.

Improving reproductive health programs would also help close the pay gap, since making contraceptive and abortion care provides women with more opportunity for higher education and greater participation in the workforce.

States around the country are introducing pay equity legislation and women continue to recognize the importance of this legislation. Pay inequity penalizes families, especially during times of economic hardship so we must address it when trying to boost the economy.

At the rate we are going, the wage gap will not close for another 50 years. Women and their families cannot afford to wait that long!