Equity? You mean equality (and that's still about rights, not pay.) Equity is just a stake in the outcome at all.

Equality: starting out at the same position, for example we have equal rights under the law

Equity: winding up at the same position, for example when everybody in a race wins the same medal, regardless of how hard they trained or how talented they are.

An apocryphal story about equity:

https://www.tnellen.com/cybereng/harrison.html