In this day and age, is women’s compensation commensurate with men, that is, do women earn the same amount for the same position equal pay for equal work?That depends. If you are a Minister in public service in Bermuda, a registered pharmacist, or a commission-compensated financial salesperson, there may be no distinctive difference. A Minister’s salary is dictated by law, thus rendering the disbursements gender neutral. Registered pharmacists qualify under licensing agreements where the salary range may be set by a pharmacy board. Commission-driven financial salespeople are restricted only by their own initiatives. It is no secret that many sales-dominated industries contain a high preponderance of successful ladies.Other employment positions such as mid-tier administration, retail participation, and service industries, the results may not be as reflective of Western civilisation gender demographics.What women earn is extremely important. Few families can economically afford for the female spouse to stay home in the traditional homemaker roles, particularly in today’s recessionary environment. In many families, men have always tended to gravitate to the trade industries: construction, electrical engineering, masonry, real estate, and so on.With the building industry in significant contraction, it is quite possible that the female is the only fully employed member. This is a tremendous burden for anyone to assume. The pressure to provide for family members in such uncertain times is relentless.According to Lila Shapiro’s article in Huffington Post: “Walmart Stores, the world’s largest retailer, went before the Supreme Court last week of March 29, 2011, to argue that the court should halt a class act anti-discrimination lawsuit brought by female employees that could cost the retailer billions. In the works for the last 10 years, the suit could be the largest class action civil rights case in US history.“Beginning in 2001, more than 100 female employees accused Walmart, which pulled in $14.1 billion in profits last year despite lagging US sales, of paying its female employees less than men in equivalent positions and favoring men in promotions at 3,400 US stores since late 1998. Walmart has denied any wrongdoing and emphasizes that its corporate policy forbids discrimination, encourages diversity and ensures fair treatment.”This is an extraordinary case when one considers the legal efforts expended, numbers of female employees petitioning, the kinds of work related positions involved and the sheer magnitude of the company’s global footprint. The outcome will be influential to the global workplace no matter the Supreme Court decision.Talking or writing about women’s financial issues often provokes comments, or makes the opposite sex, a tad uncomfortable. Remarks such as “this sounds like male bashing”, or “isn’t this a little discriminatory?” surface.Survivor Mode. Neither of those reasons have anything to do with these serious concerns. It is an undisputable fact that women live far longer (40 years or more, possibly) and must survive on far less than their male counterparts. Women assume most responsibility for eldercare and childcare, which can preclude them from competing on same basis for earning parity. If their spouses predecease them, they may receive a disparately smaller portion of the estate, less than 1/6th in some civil law countries.Cultural Myths. Females must know from a very early age how to survive on their own, and yet that is not the message that our society sends them. The age-old knight in shining armour, and the proverbial song “someone will take of me” myths are alive and well. Overheard in a waiting room, a few years ago were young ladies (say 18-25 years old) giggling. It is clear that the objects of their scrutiny are several handsome young men employed at an unnamed local utility company. After discussing these lads’ good looks, the subject of money came up. It seems that not only are they handsome, but they make a good wage, and receive very generous pensions when they retire! Aren’t these ladies practical, looks and money making a nice blend? They have no idea that under Bermuda pension law, a spouse has no obligation whatsoever to leave his pension to his wife.Roses have thorns. It is not always a bed of roses for men either, in spite of what we all would like to think. Watching the sheer exuberant play of our young son and his friends many years ago, it struck me that they had to participate in games with total abandonment. Little did they know that once they graduated from school, they would have to work for a living for the rest of their natural lives. That there was truly no other choice. And later, far later, they would also have to face the reality of the other side of the coin, that some of them would not outlast their spouses.And now for some statistics, taken from the AICPA Women’s Health Week:l More than half (54%) of women in their 20’s and 30’s are more likely to acquire 30 pairs of shoes before saving $30,000 in retirement assets.Pensionsl Men have double the current savings toward retirement than women.l When men projected the amount they expect to have at 65, it amounted to $480,000 versus only $170,000 for women of same age.l A woman who gives up business travel, training and promotions to spend time with children may sacrifice as much as $1Million in lost income.Divorcel Half of new marriages end in divorce.l The average woman’s standard of living after a divorce drops 45%, while a man’s rises 15%.Death of a Spousel Widows have difficulty managing any lumpsum settlements after a spouse dies.l Widows may live alone longer than married.l Almost every woman will have to work at some point in her life.Next the female compromise.Stay tuned for articles on investments, retirement, real estate, immigration / residency and domicile, crossing borders, taxation, estate planning, foreign currency, insurance, reader stories, and relationship in recession part 2.Martha Myron, JP CPA CFP(US) TEP, is an international Certified Financial Planner practitioner in private wealth management. She specialises in independent fee-only cross border investment, tax, estate, and strategic retirement planning services for Bermuda residents with United States and multi-national connections, and US citizens living and working abroad. She is a Masters in Law candidate in International Tax and Financial Planning and the American Citizens Abroad Country Contact for Bermuda. www.americansabroad.org For more information, contact martha.myron[AT]gmail.com or 296-3528 at Patterson Partners Ltd.