Definition of parity noun from the Oxford Advanced American Dictionary

     

    parity

     noun
    noun
    NAmE//ˈpærət̮i//
     
    (pl. parities)
     
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  1. 1[uncountable] parity (with somebody/something) parity (between A and B) (formal) the state of being equal, especially the state of having equal pay or status Prison officers are demanding pay parity with the police force. In many professions women have yet to achieve anything like parity at the higher levels.
  2. 2[uncountable, countable] (finance) the fact of the units of money of two different countries being equal to achieve parity with the dollar
See the Oxford Advanced Learner's Dictionary entry: parity