According to a new analysis by the United Nations, women working full-time year-round are paid just 81 for every $1 earned by men on an hourly basis.
The report states that the gender pay gap (19 per cent) exists due to factors like age, education, occupation, and job type.
According to the report, if current trends continue, over 340 million women and girls - an estimated 8 per cent of the world’s female population - will live in extreme poverty by 2030, and close to one in four will experience moderate or severe food insecurity.
Further insights from the report revealed that the gender gap in power and leadership positions remains entrenched, and, at the current rate of progress, the next generation of women will still spend on average 2.3 more hours per day on unpaid care and domestic work than men.
With a special focus this year on older women, the report finds that older women face higher rates of poverty and violence than older men. In 28 of the 116 countries with data, less than half of older women have a pension; in 12 countries, less than 10 per cent had access to a pension.
The report also includes calls for an integrated and holistic approach, greater collaboration among stakeholders, sustained funding, and policy actions to address gender disparities and empower women and girls worldwide, concluding that failure to prioritise gender equality now could jeopardise the entire 2030 Agenda for Sustainable Development.