If you’re a woman in the workplace, chances are you’re earning far less than male counterparts. According to the AFL-CIO, women in the United States are paid 77 cents for every dollar paid to their male counterparts. It's estimated that over a course of a lifetime of work, the average 25-year-old working woman will lose more than $523,000 to unequal pay during her working life.

For women of color, the pay differentials are even more disturbing. According to the AFL-CIO, African American women are paid 63 cents and Latinas 52 cents for every dollar received by a man.

To help remedy the injustice, Equal Pay Day was established in 1996 by the National Committee on Pay Equity. This year, Equal Pay Day falls on April 22. Activists will lobby legislators, hold rallies, and write letters to try to close this pay gap.

This year, equal pay advocates are focusing on urging the U.S. Senate to pass the Fair Pay Restoration Act – which unions say would help U.S. workers sue for pay discrimination. The House passed the legislation in 2007 – following a landmark ruling by the U.S. Supreme Court about a woman employee, Lilly Ledbetter, who says she was paid less than her male counterparts at a tire plant.

Equal pay makes sense for business, too. Inadequate pay does not encourage loyal, hard-working employees. Instead, underpaid employees will soon look for jobs elsewhere. It also sends the wrong signal to male employees – that women are not as important as men in the workplace. That can only lead to further problems.

It’s noteworthy that many of the activists choose to wear red on this day, to symbolize how women are in the red compared to the salary earned by their male counterparts.

Let's end the disparity. Title VII of the Civil Rights Act was enacted to ensure there is equal pay between men and women but more needs to be done. This Equal Pay Day let’s hope that salary parity will soon become a reality – and salaries will be determined fairly for both men and women.