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Women’s careers and salaries were impacted more by COVID than men, for two primary reasons: More women work informally, with 58% of women working without a formal contract, according to the International Labor Organization, and women make up more of the customer-facing and domestic caregiving sectors that were hit hard by lockdown.
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Women make up 70% of the healthcare industry globally, meaning they have been more exposed to COVID during the pandemic. In some countries, Covid-19 infections among female health workers are more than double that of male health workers.
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Although the lockdown has led to some men doing more domestic work, women still carry the burden. According the International Labour Organisation, women’s unpaid contributions to health-related caretaking equate to 2.6% of the global GDP, the equivalent of $1.5 trillion.
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In 2014, India became the first country to mandate CSR (Corporate Social Responsibility) spending for companies with a net worth of over $68 million. Since then, Indian companies have spent over $12.2 billion on CSR in the years 2014-2020.
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At first, Indian companies focused their CSR spending with large NGOs in Education and Healthcare. But recently, there has been a willingness to partner with social enterprises, accelerators and incubators.
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In March 2020, the Indian Government announced that companies’ spending on COVID relief would count towards CSR targets. As a result, more than half of the $2.2 billion expected budget for CSR in 2021 will go to COVID relief projects.
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