Women in finance in the U.K. still make significantly less than men. While the gender pay gap at financial firms in the country narrowed slightly last year, overall the industry continues to have the biggest disparity.
Men working in finance and insurance made 25% more than women last year, down from 28% in 2019, a Bloomberg News analysis of government data shows. The pay gap is especially wide in investment banking, where some of the highest-paid employees work.
It is the fourth straight year that finance has led the industry rankings, showing that executives are finding it difficult to shrink the gap. Mining and quarrying had the second-biggest pay gap at 23% as the commodity boom boosted the income of workers, who are largely male.
Variations in the age patterns and magnitudes of excess deaths, as well as differences in population sizes and age structures, make cross-national comparisons of the cumulative mortality impacts of the COVID-19 pandemic challenging. Life expectancy is a widely used indicator that provides a clear and cross-nationally comparable picture of the population-level impacts of the pandemic on mortality.Methods
Life tables by sex were calculated for 29 countries, including most European countries, Chile and the USA, for 2015–2020. Life expectancy at birth and at age 60 years for 2020 were contextualized against recent trends between 2015 and 2019. Using decomposition techniques, we examined which specific age groups contributed to reductions in life expectancy in 2020 and to what extent reductions were attributable to official COVID-19 deaths.Results
Life expectancy at birth declined from 2019 to 2020 in 27 out of 29 countries. Males in the USA and Lithuania experienced the largest losses in life expectancy at birth during 2020 (2.2 and 1.7 years, respectively), but reductions of more than an entire year were documented in 11 countries for males and 8 among females. Reductions were mostly attributable to increased mortality above age 60 years and to official COVID-19 deaths.Conclusions
The COVID-19 pandemic triggered significant mortality increases in 2020 of a magnitude not witnessed since World War II in Western Europe or the breakup of the Soviet Union in Eastern Europe. Females from 15 countries and males from 10 ended up with lower life expectancy at birth in 2020 than in 2015.
Author(s): José Manuel Aburto, Jonas Schöley, Ilya Kashnitsky, Luyin Zhang, Charles Rahal, Trifon I Missov, Melinda C Mills, Jennifer B Dowd, Ridhi Kashyap
Publication Date: 26 Sept 2021
Publication Site: International Journal of Epidemiology
The youth chapter of the PLR (FDP) has successfully collected enough signatures for an initiative to raise the official retirement age in Switzerland to 66 years old, reported RTS.
On 16 July 2021, initiative organisers submitted 145,000 voter signatures as part of the formal process of launching a referendum in Switzerland. Under referendum rules a minimum of 100,000 valid signatures must be collected within 18 months.
The official retirement age in Switzerland is currently 65 for men and 64 for women, although the government recently passed laws to create a universal retirement age of 65 for both men and women. The federal government also agreed to increase VAT up to 8% to help improve pension system finances.
The perilous state of Switzerland’s state pension system is well known. People are living longer and the nation’s population is ageing, leaving fewer working-age tax payers to fund the pensions of a rising number of retirees. Without reform a funding shortfall of CHF 200 billion is forecast over the next 25 years.
Thousands marched in Bern on Saturday against a proposed reforms of the Swiss old-age pension scheme, notably the plan to raise the retirement age for women from 64 to 65.
The demonstration, which was authorised by Bern authorities, was attended by some 15,000 people, according to the trade unions who organised it; the police have not (yet) released estimates.
The protest took place under the slogan “hands off our pensions”, and was clearly aimed at parliamentarians currently discussing an overhaul of the country’s three-pillar system.
A press release by the Trade Union Federation said that the current pension system is “no longer enough to live on” and that politicians should be raising payments rather than trying to cut them; as for making women work a year longer, this is a non-runner, it says, given the years of part-time and unpaid work they do during their active lives.
We study the results of a massive nationwide correspondence experiment sending more than 83,000 fictitious applications with randomized characteristics to geographically dispersed jobs posted by 108 of the largest U.S. employers. Distinctively Black names reduce the probability of employer contact by 2.1 percentage points relative to distinctively white names. The magnitude of this racial gap in contact rates differs substantially across firms, exhibiting a between-company standard deviation of 1.9 percentage points. Despite an insignificant average gap in contact rates between male and female applicants, we find a between-company standard deviation in gender contact gaps of 2.7 percentage points, revealing that some firms favor male applicants while others favor women. Company-specific racial contact gaps are temporally and spatially persistent, and negatively correlated with firm profitability, federal contractor status, and a measure of recruiting centralization. Discrimination exhibits little geographical dispersion, but two digit industry explains roughly half of the cross-firm variation in both racial and gender contact gaps. Contact gaps are highly concentrated in particular companies, with firms in the top quintile of racial discrimination responsible for nearly half of lost contacts to Black applicants in the experiment. Controlling false discovery rates to the 5% level, 23 individual companies are found to discriminate against Black applicants. Our findings establish that systemic illegal discrimination is concentrated among a select set of large employers, many of which can be identified with high confidence using large scale inference methods.
Author(s): Patrick M. Kline, Evan K. Rose, and Christopher R. Walters
Publication Date: July 2021, Revised August 2021
Publication Site: NBER Working Papers, also Christopher R. Walters’s own webpages
Since last winter, 1.8 million women have left the labor force entirely—neither working nor looking for work. At first, closed schools and the high cost of child-care options seemed responsible. But economists who have crunched the numbers argue that closed schools can’t explain higher female unemployment. Women with young children make up only 12 percent of the labor force and were only slightly more likely to leave the labor force than were women without young children. The exception? Women with young children who don’t hold college degrees—they constitute only 6 percent of the labor force but saw the biggest drop in employment. Their employment rate has fallen by almost eight percentage points since the pandemic started.
This suggests that women aren’t working for various reasons. For most families, several factors—child-care options, how much a given job will pay, and their partner’s employment prospects—determine whether they will decide to return to work. Rarely in economics does a single cause explain a phenomenon; policies often affect behavior on the margins. If you’re struggling to find good, affordable child care and you are being paid more to stay at home, that extra factor can tip the scales.
Indeed, several current policies seem to be discouraging women from returning to work.
Results Between 2010 and 2018, the gap in life expectancy between the US and the peer country average increased from 1.88 years (78.66 v 80.54 years, respectively) to 3.05 years (78.74 v 81.78 years). Between 2018 and 2020, life expectancy in the US decreased by 1.87 years (to 76.87 years), 8.5 times the average decrease in peer countries (0.22 years), widening the gap to 4.69 years. Life expectancy in the US decreased disproportionately among racial and ethnic minority groups between 2018 and 2020, declining by 3.88, 3.25, and 1.36 years in Hispanic, non-Hispanic Black, and non-Hispanic White populations, respectively. In Hispanic and non-Hispanic Black populations, reductions in life expectancy were 18 and 15 times the average in peer countries, respectively. Progress since 2010 in reducing the gap in life expectancy in the US between Black and White people was erased in 2018-20; life expectancy in Black men reached its lowest level since 1998 (67.73 years), and the longstanding Hispanic life expectancy advantage almost disappeared.
Conclusions The US had a much larger decrease in life expectancy between 2018 and 2020 than other high income nations, with pronounced losses among the Hispanic and non-Hispanic Black populations. A longstanding and widening US health disadvantage, high death rates in 2020, and continued inequitable effects on racial and ethnic minority groups are likely the products of longstanding policy choices and systemic racism.
The NEMSIS data include metrics on crash severity. For people treated at the scenes of motor vehicle crashes, EMS professionals use an injury scoring system called the Revised Trauma Score (RTS) to determine the level of care needed to save the lives of the injured. Under RTS, patients who present with a probability of survival of 36.1% or less are considered severely injured and are often transported to Level 1 or Level 2 trauma centers that provide higher levels of critical care to the most severely injured. Figure 4 shows the percentage of patients in crashes whose probability of survival was in this range for 2019 and 2020. Beginning in Week 12 of 2020, the percentage of those injured with a probability of survival of 36.1% or less never dropped below 1%, suggesting an increase in the severity of crashes.
Total fatality rate per 100 million VMT [vehicle miles traveled] is broken down by roadway function class: rural versus urban interstate, arterial, local/collector/street. The results shown in Figure 2 indicate that the increased trend of the total fatality rate per 100 million VMT from March to December 2020, was mainly driven by the fatality rate per 100 million VMT on the rural local/collector/street, rural and urban arterial roadways.
Preliminary finding show that traffic fatalities rose in most major categories over 2019:
Passenger vehicle occupants (23,395, up 5%)
Pedestrians (6,205, flat from 2019)
Motorcyclists (5,015, up 9%)
Pedalcyclists (people on bikes) (846, up 5%)
Crash factors and demographics reviewed by NHTSA that showed the largest increases in 2020 as compared to 2019 included:
non-Hispanic Black people (up 23%);
occupant ejection (up 20%);
unrestrained occupants of passenger vehicles (up 15%);
on urban interstates (up 15%);
on urban local/collector roads (up 12%);
in speeding-related crashes (up 11%);
on rural local/collector roads (up 11%);
during nighttime (up 11%);
during the weekend (up 9%);
in rollover crashes (up 9%);
in single-vehicle crashes (up 9%) and;
in police-reported alcohol involvement crashes (up 9%).
There are a few categories that are projected to have decreases in fatalities in 2020. Fatalities in crashes involving a large truck (commercial or non-commercial use) are projected to decline marginally (down 2%). Fatalities among older persons (65+ years of age) are projected to decline by about 9 percent.
Publication Date: 3 June 2021
Publication Site: National Highway Traffic Safety Administration
Young women would have to work nearly 40 years longer than men to build up the same retirement pot, according to a report highlighting the pensions gender gap.
The average woman in her 20s can expect to have £100,000 less in her pension pot than a man of the same age as a result of earning less, working part-time, and taking time out of paid employment to care for family members.
The calculations, made by pensions company Scottish Widows to coincide with International Women’s Day, showed that a female saver would typically save £2,200 annually for the first 15 years of her career, compared with £3,300 for a young man. The average woman in her 20s today would have to work 37 years longer than a man of the same age to reach retirement parity.
The overall age-adjusted mortality rate for 2020 was 828.7 deaths per 100,000 of population. This rate was 15.9% greater than the 2019 overall age-adjusted mortality rate. This high level of mortality has not been experienced in the U.S. since 2003.
If deaths coded as COVID (COVID deaths)3 were excluded, the overall age-adjusted 2020 mortality rate would have been 737.2 per 100,000 or 3.1% higher than the 2019 rate. This increase excluding COVID deaths is also noteworthy because it reverses the two previous calendar years of decreasing mortality; however, some or all of this may be due to the misclassification of CODs as discussed in Section 6.
2020 mortality rates increased in both sexes, with the male rates increasing more than the female rates. The differences in the increases between males and females were about 3% when all causes of death (CODs) are included and about 1% when COVID deaths are excluded.
The slope of the 2020 COVID mortality curve by age group is not as steep as the slope of the non-COVID deaths, indicating that COVID impacts younger ages more evenly across age groups that all other non-COVID CODs combined.
In the review of the 2020 mortality rates by age group, it is interesting to see that the highest percentage increases were in the younger adult ages, not at the very old ages. When COVID deaths were removed, ages 15-44 saw the largest increases in mortality rates.