PayPal Holdings, Inc. announced a more than $100 million commitment to advance financial inclusion and economic empowerment for women and girls around the world over the next five years. The announcement was made during the Generation Equality Forum (GEF), a global gathering for gender equality, convened by UN Women and co-hosted by the governments of Mexico and France, in partnership with civil society. In support of its mission to build a more inclusive economy, PayPal was selected to join the Generation Equality initiative as a private sector lead for the Economic Justice and Rights Action Coalition in November 2020.
"Improving the financial health of women is essential to building prosperous and resilient communities. Women make up the overwhelming majority of the world's unbanked and underserved adults, and the economic and social impacts of the COVID-19 pandemic have only exacerbated these disparities," said Dan Schulman, president and CEO, 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 now at our disposal, we've never had a greater opportunity to achieve economic equality."
This commitment builds on the previous actions the company has taken to create a more inclusive economy, in which everyone has the opportunity to participate and thrive. Last year, PayPal pledged $535 million to address economic inequality among Black and underserved businesses and communities in the United States. PayPal also has a longstanding track record of advancing gender equality within its workforce. For the last five years, PayPal has maintained 100% gender pay equity globally, as well as U.S. ethnic pay equity, and has strong family leave policies to attract and retain women. The company has also been recognized by the National Partnership for Women and Families for its maternity leave, parental leave, family care leave, and sick leave policies.