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For years, women have struggled to earn a wage that's comparable to that of their male counterparts. As such, females hold just 32% of the wealth that men have accumulated, and for women of color, that percentage is a lot lower.
President-elect Joe Biden has a plan to promote gender equality in the workforce, and if his ideas come to life, women could soon be in a much stronger position to start saving more money and enjoying the same financial security as the men they work with. Here are some of the changes Biden intends to make during his presidency.
1. Eliminate the wage gap
It's said that women earn just $0.82 for every dollar men earn, and among women of color, that percentage shrinks. Biden plans to force companies to disclose wage information so that gender pay discrepancies can be more easily brought to light. He also wants to prohibit the practice of asking about salary history to level the playing field. Since women have historically earned less than men, they come into salary negotiations at a huge disadvantage, so ending this practice is important. Biden also plans to enact legislation that will make it easier for female workers to organize unions and bargain collectively with employers.
2. Protect women from harassment
Though tens of millions of workers fall victim to sexual harassment on the job, women of color are the most likely to have this experience. Biden intends to pass the Bringing an End to Harassment by Enhancing Accountability and Rejecting Discrimination in the Workplace (BE HEARD) Act to help put a stop to this devastating practice.
3. End discrimination against pregnant and nursing workers
Many employers refuse to make reasonable accommodations to allow pregnant women and nursing mothers to hold down a job while tending to their physical needs. That's why Biden plans to support the Pregnant Workers Fairness Act, which will require employers to accommodate women impacted by pregnancy, childbirth, or related medical conditions.
4. Support women-owned businesses
Women represent 42% of business owners on a national level, yet only 2% of all venture capital funds go to women-owned companies. In other words, women are more likely to rely on personal savings to start businesses, and Biden wants to help ensure they get more support. He plans to offer direct federal funding to women-owned businesses -- especially those owned by women of color. He also wants to expand small business loan programs so they're more accessible to female business owners.
5. Expand pay and benefits in female-heavy industries
Women are more likely than men to work as teachers and caregivers -- two professions that are notoriously underpaid. Biden wants to put measures into place to ensure these roles command a more equitable wage.
Clearly, Biden has a lot of plans to improve women's experiences in the workforce, and the fact that his incoming vice president is a woman speaks to his commitment on this issue. Of course, Biden can't act alone in helping women better succeed in the workforce. He'll need the support of lawmakers to pass meaningful changes. But his comprehensive plan should be a point of encouragement for the women who have long struggled to hold down jobs and earn a livable, respectable wage.
