Allow me to introduce myself, I’m Elvira Lopez de Lara, and currently I am responsible for business development in Big Cities for MAPFRE. Furthermore, as a working mother belonging to the millennial generation and working for a socially responsible and gender equality conscious company, I fully appreciate the gender pay and pension gap as a hot topic of conversation which needs to be much talked about.
Unfortunately there is also a significant pay disparity in public pensions. That means that there is a set of inequalities based on sex, resulting in a lower public pension for women in Spain. This difference equates to an average pension of €450 less per month.
There are certain biological factors, such as longevity of women or maternity that frequently lead to breaks in their professional careers.
And then there are other fundamentally social factors such as family reconciliation or low average wages that directly impact contributory pensions.
Given that the participation of women in the labour market has increased considerably in the last 40 years, jumping from 28.1% in 1978 to 53.1% in 2018, the gap is closing. This data can be found in further detail in a study carried out by Closingap.
My personal opinions regarding action that needs to be taken is as follows:
Business measures: Flexible working arrangements from companies in an effort to combine work and family life.
Awareness: To gauge the estimated pension that each individual will receive in order to be able to generate private savings that would help reduce an economic shortfall. I recommend reading the ‘Guide to Your Retirement’ by Fundación MAPFRE
Drive for Professional Development. I feel that it’s absolutely crucial for women to further their professional development whereby they can offer a wider skill set and better position themselves for companies. And in response business leaders need to empower women through enacting change and striving for diversity in the workplace.
It IS possible to both look after and enjoy your family while striving for professional growth in the workplace.