Women on Wealth: Bridging gender pay gap in SA

The gender pay gap continues to be a prevalent issue in South Africa, as highlighted in a recent discussion on CNBC Africa. The conversation shed light on the inequities and inequalities that women face in the workforce when it comes to pay. Risenga Maluleke, Statistician-General from Stats SA, and Jonathan Holden, COO of SOLmate, shared insights into the current situation of gender pay gap and the challenges faced by women in bridging this divide. The discussion delved into the need for systemic changes, the representation of women in various sectors, and the importance of empowering women financially. Risenga Maluleke started off the conversation by emphasizing that while men and women in South Africa earn similar salaries on average, there is still a significant disparity when it comes to the distribution of women in upper management positions. He pointed out that women make up about 40% of the workforce in domestic and elementary roles, where they earn around 74% of what men earn. This disparity is even more pronounced for women with lower qualifications, who earn only 50% of what men in similar positions earn. These statistics underscore the need for greater representation of women in decision-making roles within organizations. Jonathan Holden provided valuable insights from the financial services sector, highlighting a shift in customer demographics with more women engaging with banking services. He noted that historically, the sector was male-dominated, but there is a growing base of female customers, especially in the informal sector. However, the lack of transparency in earnings remains a challenge. Jonathan emphasized the importance of providing banking solutions that cater to women's specific financial needs, thereby empowering them to manage their finances independently. The conversation also touched upon the broader issue of women's participation in the labor market. Risenga Maluleke highlighted the significant gap between male and female employment rates, with men holding a far greater percentage of the workforce. He pointed out that women, particularly in rural areas, face challenges in accessing employment opportunities, leading to a higher rate of female unemployment. This imbalance not only impacts individual households but also hampers the overall economic health of the country. Jonathan stressed the importance of closing the gender gap in various industries and society as a whole. He mentioned that efforts are being made to introduce women to the workspace, provide financial inclusion through banking services, and close the pay gap. Jonathan emphasized the need for creating more inclusive financial solutions that cater to women's specific needs, thereby ensuring economic development and sustainability. When it comes to empowering women economically, both speakers highlighted the need for targeted solutions and increasing women's representation in decision-making processes. Risenga Maluleke mentioned the rise of subsistence farming activities among women in certain regions, showcasing their ability to generate additional income. However, he also pointed out the prevalence of poverty among women, especially black African and colored women, which has significant implications for household dynamics and child welfare. In conclusion, the discussion highlighted the persistent challenges faced by women in South Africa in terms of the gender pay gap and workforce participation. While strides have been made towards greater gender equality, systemic changes and targeted efforts are needed to level the playing field for women. Empowering women financially, increasing their representation in various sectors, and addressing the root causes of gender disparities are crucial steps towards bridging the gender pay gap in South Africa.