Economic Security for the Black Community: Promoting Equal Pay and Black Businesses
Supporting Black businesses and advocating for pay equality is crucial for Black 50+ communities. A lack of equitable pay for Black 50+ workers can affect their retirement.
Black 50+ workers have faced significant wage disparities compared to their white colleagues, even when performing the same job with the same level of skill and experience. Over a third of the U.S. essential workforce are ages 50 and older, and of that group black workers are the most likely to be categorized as essential. However, Black essential workers earn significantly less compared to other races because of legislation, pay transparency and issues with diversity within workspaces. Despite this disparity, Black workers continue investing in themselves and their abilities by creating black owned businesses.
According to the U.S. Census Bureau, there are an estimated three million Black-owned businesses, and the number is rising. Since 2012, black owned businesses have generated more than $150 billion in revenue. By supporting equal pay and Black-owned businesses, Black communities become stronger in terms of economic growth, job creation, and financial security.
There are many ways to support equal pay and Black owned businesses in your community:
- Build your awareness of local Black-Owned businesses and make a point to shop there.
- Spread the word to friends and family about your favorite Black-owned businesses.
- Organize events and activities to promote Black-owned businesses, thereby fostering a sense of community and support.
Together, we can work towards a future where all individuals have equal pay and economic security success.
