Women All Over the World Have Lost $800 Billion in Income During COVID

Woman cashier wearing protective face mask and gloves to prevent viruses, scanning disinfection products at the cash register and packing in paper bag.
zoranm / Getty Images

The pandemic has cost women around the globe 64 million jobs — 5% of the total jobs held by women — and $800 billion in earnings, according to Oxfam International and as reported by CNBC. Conversely, only 3.9% of men’s jobs were lost in 2020. CNBC also reported data from the National Women’s Law Center, which found that between February 2020 and February 2021, more than 2.3 million women in the U.S. left the workforce compared to 1.8 million men.

See: A ‘Staggering’ 2.6 Million Women Have Left the Workforce Since the Pandemic Started
Find: Because of COVID, Gender Gap Will Take 135 Years to Close, WEF Says

“Economic fallout from the COVID-19 pandemic is having a harsher impact on women, who are disproportionately represented in sectors offering low wages, few benefits and the least secure jobs,” said Gabriela Bucher, executive director of Oxfam International, in a statement.

Bucher also stated that this number does not reflect millions of women working in the “informal economy” who have had their income and hours reduced during the pandemic, reports CNBC.

Women represent nearly two thirds, or 64%, of the labor force in the 40 lowest-paying industries while making up just under half of the workforce in the U.S., according to data from the National Women’s Law Center and reported by CNBC. While these jobs are essential to our society, the median wage for this type of work is $12 per hour.

Make Your Money Work for You
Sponsors of

See: Industries Where Women Lost the Most Jobs Last Year
Find: High-Paying Jobs Where Women Outnumber Men

CNBC cited a Lean In and McKinsey & Company report as noting that one in four women in September said they were thinking of leaving the workforce. This report also found that almost half of employees said they consistently felt stressed at work, and about a third reported feeling tired or burned out. For working parents, particularly mothers, these strains were even more substantial.

President Biden introduced the $1.8 trillion American Families Plan, calling for affordable child care and a federal paid leave policy, to help alleviate this stress. If passed, the poorest working families wouldn’t have to pay for child care, and families earning 1.5 times their state median income would pay no more than 7% of their income on child care. The plan also calls for 12 weeks of paid leave to care for a new child or a sick loved one or for personal medical reasons, according to a White House fact sheet.

CNBC also reported that while certain paid leave policies have Republican support, Republicans aren’t in support of Biden’s plan to raise taxes. An April Yahoo News/YouGov Survey found that a majority of Democrats and independents are in favor of extending child-care subsidies for one year, while Republicans were split.

Make Your Money Work for You
Sponsors of

More From GOBankingRates

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.
Women All Over the World Have Lost $800 Billion in Income During COVID
Close popup Live Richer Newsletter

We're here to help you Live Richer.

Sign up to receive our daily weekday newsletter with the latest finance and lifestyle content.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.