European & International News

Social protection: a win-win investment

[SOLIDAR, Brussels, 04 November 2011] Last week, the ILO’s Social Protection Advisory Group, chaired by former President of Chile and UN Women Executive Director Michelle Bachelet, issued a report on "Social Protection Floor for a Fair and Inclusive Globalization". According to Ms Bachelet, "Extending social protection is a ’win-win’ investment that pays off both in the short term, given its effects as a macroeconomic stabiliser but also in the long term, due to the impacts on human development and productivity".

Among its key recommendations are the full integration of the Social Protection Floor approach into the World Bank Social Protection strategy 2012-2020, and increased cooperation between the International Labour Organisation and the International Monetary Fund to support countries in creating fiscal space for the implementation of the social protection floor. SOLIDAR welcomes this report and joins its call to the G20 summit currently being held in Cannes to consider an "action plan" for implementing social protection floors through existing and new financing mechanisms.

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