A federally funded analysis of pay equity in caregiving in New Brunswick isn’t going to result in binding commitments.
Federal Minister of Status of Women Maryam Monsef imagines voluntary cooperation from the private sector, not just in this area, but all across Canada.
“It’s because of them that we have arrived at a place where we recognize that gender equality is good for the economy, because of their persistence, and effective advocacy, that we know, and we have done the research to know it will add $150 billion to our economy.”
Monsef is quoting a McKinsey Global Institute report suggesting with the right steps, Canada could add that $150 billion to the economy in 2026.
Monsef says one reason they are advancing the cause of pay equity is because it’s simply the right thing to do.
“There’s a moral imperative here, but also because it will help close the wage gap, when employees are earning more, they have more money in their pockets, and they’re spending it in the community,” says Monsef.
She says while the results are not going to be binding, “there is a benefit for employers, in this as well as employees” which she hopes will encourage employers to voluntarily take on pay equity.
Monsef adds in terms of gender equality and pay equity organizations “what they are advocating for is doing the right thing, and the economically smart thing to do.”