Women Were Less Likely To Get Raises In 2022
Ugh more good new! Did you ask for a raise this year? Many people are in response to rising prices and while new research shows the same number of men and women asked their boss for a pay bump over the last 12 months, they haven’t been equally successful in getting one.
A new CNBC survey of more than 5-thousand American adults finds that of the 11% who asked for a raise, men were more likely to receive it, with 59% of men getting the raise compared to 52% of women. And since the gender pay gap in the U.S. already sees women paid 82 cents for every dollar paid to a man, according to Census Bureau estimates, the fact fewer women are getting raises isn’t doing anything to help close that gap.
The survey also reveals:
The reasons employees were for not getting the bump they asked for are pretty even across genders: 35% weren’t given a reason, 22% were told their company didn’t have room for a raise in the budget, 15% weren’t eligible, and 8% were told the timing wasn’t right.
Women who ask for raises may also be getting less of a boost and make less money overall. Almost half of all women in the survey earn less than $50-thousand, compared to a third of men in the same income group.
Possibly because of their lower salaries, women are more likely to report being far behind on saving for retirement – 44% of women say they are compared to 33% of men.