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Equal Pay Day
March 15, 2022

This year on Equal Pay Day, women are facing the dual burden of gender-based pay discrimination and increasing inflation. On average, American women not only had to work until today to make as much money as men after earning 82 cents on the dollar last year1, but their earnings also did not go as far due to rising inflation. After the “she-cession”, a term coined to describe unequal impact of the pandemic-related business restrictions that fell heaviest on industries that employ women at higher rates than men, women now struggle against “she-flation.”

That’s why Amalgamated Bank joins President Biden’s call on the US congress to pass the Paycheck Fairness Act. Inequality from wage discrimination deepened over the last two years as women’s labor force participation and incomes declined with the greatest impact felt by immigrant women, women in low-wage jobs, and women of color. Black women, native women, and Latina women experience this inequality at extreme levels. Estimates show they earn about $0.60 per dollar earned by white men on average.3 At current rates, the wage gap isn’t expected to close until 2111 without corporate leadership and policy change.4  If enacted, the Paycheck Fairness Act would give women a shot at equal pay which has never been more important than now.

Amalgamated Bank pledged to take a role in the fight against pay discrimination in 2016 and continues to lead the banking industry and larger business community by example.5 We were the first bank to raise our minimum wage to $20 an hour for all full-time employees and enforce pay transparency non-discrimination with all our contractors.6 Our commitment to pay parity across the company includes a third-party pay equity audit every three years that is designed to detect and correct pay disparities based on gender and race. This is just one area where we join and empower organizations to fight for economic justice including #EqualPay.

“Gender pay gap: Women earn nearly 20% less than their male counterparts, study shows,” World Economic Forum, October 28, 2021.

2“‘She-flation’? What the Rise in Inflation Might Mean for Women,” Institute for Women’s Policy Research, December 6, 2021.

3“Equal Pay Days 2022,” Equal Pay Today, March 3, 2022.

4“The Simple Truth About The Gender Pay Gap,” American Association of University Women, 2021

 5“FACT SHEET: White House Announces New Commitments to the Equal Pay Pledge,” The White House, December 7, 2016.

6“Pay Transparency Non-Discrimination,” Amalgamated Bank, March 3, 2022.

 

Things we care about

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climate change

Today, we are taking a huge step forward in this work by setting formal targets that strive to achieve net zero emissions in both our financing and operations. Our Net Zero Climate Targets Report outlines our plan for how we expect to build and align with a climate safe future.

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corporate and social responsibility

For nearly 100 years, Amalgamated Bank has fought for a more just and sustainable world. As a bank founded by a union of immigrants, Amalgamated has long considered itself the bank for the people, advocating for workers and immigrant rights while offering unique financial services and banking solutions catered to the needs of marginalized groups.

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racial justice

For years, Amalgamated Bank has been a passionate advocate for social, racial, environmental, and economic justice. We’ve used our platform repeatedly to speak out about issues of injustice specific to different marginalized communities and advocate for a better world.