Assessor Chu's Statement on Restitution for Pay Disparity at Princeton University
"This restitution for pay disparity is long overdue and a reminder of the economic inequality that so many women face, and that is especially severe for women of color. A typical woman today, working full-time and year-round, is paid only 82 percent of what her male counterpart makes. When you hear 82 cents on the dollar, you might think, 'Well, that's only 18 cents less,' but over a lifetime, those pennies add up. Who wouldn’t want and need 18% more to pay for a rainy-day fund, retirement savings, or simply food and shelter for her family? It has never been more urgent to close the gender pay gap. This is not merely a women's issue. It is an issue that affects every family who is dependent on women's income.
We can take steps towards achieving pay equity by reviewing salaries at the time of hiring and during annual reviews to determine if all employees are treated equally. Many employers may not realize their pay scales favor white men because of historical and unconscious biases and inconsistencies. Pay equity makes good business sense. It promotes a workforce that feels valued, which means companies do better and attract the best workers"