KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
A recent study indicates that the gender pay gap in high-income countries such as the US, UK, Italy, and Canada is unlikely to disappear anytime soon. Despite previous trends suggesting a narrowing of the income disparity between men and women, new findings from the Centre for Economic Policy Research reveal that progress has stagnated since the early 2000s.
Key Findings
Historical Trends: From the mid-1970s to the early 2000s, the gender pay gap narrowed significantly due to reduced earnings differentials between male and female labor market entrants. However, this convergence halted at the start of the 2000s.
Stagnation of Progress: The recent narrowing of the pay gap has been driven primarily by the retirement of older cohorts with larger pay gaps, rather than improved earnings for younger women. The study highlights that the convergence of male and female entry outcomes persisted until the mid-1990s, primarily due to poorer outcomes for younger men rather than better prospects for younger women.
Positional Losses for Young Men: Young men experienced significant declines in their wage positions, particularly at higher-paying firms. For instance, the average wage for 25-year-old men in the US fell to the 39th percentile of the wage distribution in 1995, down from the 50th percentile in 1976. Conversely, women in the same age bracket remained around the 30th percentile.
Impact of Educational Choices: A significant factor contributing to the gender pay gap is the differing educational choices of men and women. The study found that 63% of the gender pay gap for US college graduates entering the job market can be traced back to their college majors. This disparity remains consistent over the lifecycle of any given age cohort.
Future Outlook: The authors project that, without significant structural changes in the labor market, the gender pay gap will persist. The current differential among recent labor market entrants remains economically significant, suggesting that complete convergence is unlikely.
Implications
The findings of this study present a sobering outlook for gender pay equality in high-income countries. Despite previous advancements, the stagnation in progress since the early 2000s indicates that without targeted interventions and policy changes, the gender pay gap will continue to be a persistent issue.
Policy Recommendations
To address this enduring inequality, policymakers and organizations might consider:
- Educational and Career Guidance: Encouraging and supporting women to enter higher-paying fields and industries through targeted educational programs and career counseling.
- Workplace Policies: Implementing policies that promote gender equality in the workplace, such as equal pay for equal work, transparent salary structures, and support for work-life balance.
- Structural Reforms: Addressing broader structural issues within the labor market that contribute to gender disparities, such as access to affordable childcare, parental leave policies, and flexible working arrangements.
Conclusion
The study underscores the need for continued efforts and innovative strategies to close the gender pay gap. While progress has been made in the past, the persistent disparities highlighted by the research call for renewed focus and commitment to achieving gender pay equality.
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