Iceland is working on a law for 2020 that will require companies over 25 people to pay men and women equally for the same work. If passed this would be the first such law at the national level and would set the precedent for other countries.
In many countries, women earn less money than men for performing the same work. In the US, for example, women earn 83% of men's median weekly earnings. In Iceland, women earn 14-18% less than men.
If the law passes in Iceland, it could set a precedent globally for similar laws and ultimately closing the gender pay gap. Women's livelihoods will certainly improve with higher wages as will several development indicators tied to women's livelihoods such as child nutrition and education.