The Office of the Governor of the State of California
10/03/2024 | Press release | Distributed by Public on 10/03/2024 14:14
First Partner Siebel Newsom, Latino Community Foundation, and Prospera highlight growth of Latina entrepreneurship on Latina Equal Pay Day
Oct 3, 2024
First Partner Siebel Newsom, Latino Community Foundation, and Prospera highlight growth of Latina entrepreneurship on Latina Equal Pay Day
OAKLAND - Today, California First Partner Jennifer Siebel Newsom, in partnership with the Latino Community Foundation and Prospera recognized Latina Equal Pay Day - underscoring the persistent wage gap faced by Latina workers across the United States. On average, Latinas in the United States arepaid about 51 cents for every dollar paid to a non-Hispanic white man, contributing to significant financial disparities over a lifetime. During today's event, the First Partner spoke with local Latina entrepreneurs about the wage gap as well as their work to build wealth and opportunity for their families and communities.
"Latinas are so much of what makes California and this nation thrive, despite continuing to face significant barriers to wealth and opportunity because of the wage and wealth gaps and systemic inequities.
Latina entrepreneurs, in particular, are a powerful counterforce and pathway for economic growth and community uplift. By supporting Latina entrepreneurs and advocating for equal pay, we can work together to close the Latina wealth gap and create opportunities that enable them to thrive."
First Partner Siebel Newsom
"The Latino Community Foundation is proud to invest in organizations like Prospera, which are empowering Latina entrepreneurs to shape their own futures and California's economy," said Sylvia Pérez Cash, Chief Innovation Officer, Latino Community Foundation. "Across our country, Latinas are key drivers of innovation and growth. It's imperative that we eliminate the wage gap by valuing all people equally, as Latinas' contributions are vital to ensuring our communities and economy can thrive."
The wage gap affects not only income but also long-term wealth accumulation. Nearlyhalf of Latina mothers are the primary breadwinner in their households, yet nearly 30% of Latina-led households live below the poverty line. Additionally, if the wage and wealth gaps are not closed, Latina's entering the workforce today couldlose up to $1.3 million over the course of a 40-year career.
"Together, we are building a California where Latina women not only survive, but thrive as entrepreneurs and leaders," said Claudia Arroyo, Executive Director at Prospera. "Through Prospera's programs, we break the isolation they face as immigrants and provide them with access to the tools, networks and capital needed to close the wage and invisibility gap, allowing them to generate real economic impact in their communities."
Contributors to the gender wage gap include: women's overrepresentation in lower-paying industries, workplace discrimination, women shouldering the majority of unpaid care responsibilities, a lack of pay transparency, and bias in promotion and leadership opportunities.
In spite of these challenges, Latinas are a growing force in entrepreneurship, which is key to building wealth. Latina entrepreneurs currently comprise nearly half of all Latino businesses, and Latina-owned businesses have grown by 87% since 2007.
"As a Latina Entrepreneur, Latina Equal Pay Day reminds me of the importance to create businesses that reflect our values of justice and equity," said Ingrid Sanchez, Founder of Niños Sanos, Seguros y Felices. "For me, it is not just about numbers but an issue of dignity and respect for the work that we do both in our businesses and our community."
First Partner Siebel Newsom has made closing the wage and wealth gaps a top priority through herCalifornia for ALL Women initiative. The First Partner launched theCalifornia Equal Pay Pledge in 2019, in partnership with the California Commission on the Status of Women and Girls, the California Labor and Workforce Development Agency, and the California Partners Project. This year, First Partner Siebel Newsomreleased the Equal Pay Playbook through her non-profit theCalifornia Partners Project. ThePlaybook aims to address the wage gap by giving California employers a step-by-step guide for developing a strategic approach to equitable pay that is good for Californians and will help companies attract and retain top talent, boost innovation and productivity, and enhance brand reputation.
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