Iceland has now become the first country in the world to make it illegal for men to be paid more than women. The law was passed after Iceland elected a record number of women to parliament.
“We have had legislation saying that pay should be equal for men and women for decades now but we still have a pay gap,” according to Dagný Aradóttir Pind, board member of the Icelandic Women’s Rights Association, who now insures that a new mechanism has been forced to eradicate the pay gap, and members of parliament are hoping it will be fully closed by 2020. Those failing to demonstrate pay equality will face hefty fines.
Under the legislation, companies and government agencies with more than 25 employees will be required to obtain government certification for their equal-pay policies.
According to the latest WEF report, the top five best performers in the global gender gap are Iceland, Norway, Finland, Rwanda and Sweden.
Meanwhile, at the current rate, women in the U.S. won’t have equal pay until 2119!
So it’s time now for other countries to follow suit.