Paypal, over $ 100 million to promote financial inclusion and the economic empowerment of women and girls
BY RRHHDigital, 02:15 – 11 July 2021
PayPal Holdings, Inc. has announced an investment of more than $ 100 million to promote financial inclusion and the economic empowerment of women and girls around the world over the next five years. The announcement was made during the Generation Equality Forum (GEF), a global meeting for gender equality, convened by UN Women and co-hosted by the governments of Mexico and France, in partnership with civil society. To support its mission to build a more inclusive economy, PayPal has been selected to join the Generation Equality initiative as a private sector leader under the Coalition for Economic Justice and Rights since November 2020.
“Improving the financial health of women is essential to building prosperous and resilient communities. They constitute the vast majority of underserved and unbanked adults in the world, and the economic and social impacts of the COVID-19 pandemic have only exacerbated these disparities, ”said Dan Schulman, president and CEO of PayPal . “As we work to shape an equitable recovery and an inclusive digital economy, we believe we have a responsibility to help expand the role and participation of women in the financial system and economic growth. With the resources, tools and technologies we now have at our disposal, we have never had a better opportunity to achieve economic equality ”.
The commitment includes various investments – internal and external – over the next five years to support financial inclusion and the economic empowerment of women and girls:
PayPal will deposit $ 100 million of its capital into women-led or service-focused investment funds and institutions, along with other efforts that can promote better financial health or women’s economic empowerment, and generate greater gender equality. PayPal is investing $ 7 million in partnerships to facilitate access to microcredit for women entrepreneurs around the world. PayPal will donate $ 1 million to raise awareness and provide incentives to facilitate giving to civil society organizations that support gender equality, through the PayPal Giving Fund. In addition, PayPal will bring together gender-focused charities – in at least 34 countries by 2023 – on its platform, taking a step forward in mobilizing resources for the Sustainable Development Goal. 5, gender and empower all women and girls ”. PayPal will conduct an annual review to ensure that the company’s policies and benefits regarding pay equity, paid time off, caregiver support, and the prevention of sexual harassment in the workplace meet or exceed best-in-class practices, starting in the United States and with the intention of expanding the assessment globally. . Through the company’s Community Impact program, PayPal employees in 22 countries will contribute more than 10,000 volunteer hours to build the capacity and skills of charities that promote gender equality. PayPal will contribute $ 10 for every hour of volunteer work spent on its employee giving program. PayPal brings resources and expertise to Data2X, a platform for technical collaboration and advocacy, which strives to improve the availability, quality and use of gender data to make a real difference in life. women and girls around the world.
This commitment builds on the actions the company has already taken to create a more inclusive economy, in which everyone has the opportunity to participate and prosper. Last year, PayPal pledged $ 530 million to tackle economic inequalities between black and underserved businesses and communities in America. PayPal also has a long history of promoting gender equality among its staff.
For the past five years, PayPal has maintained 100% equal pay for men and women around the world, as well as ethnic pay equity in the United States, and has strong family leave policies in place. to attract and retain women. The company was also recognized by the United States National Association for Women and Families for its leave policies: maternity, paternity, family care and sickness.
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