4.1 billion of global population (53%) obtain no income security at all and only 47% are effectively covered by at least one social protection benefit, according to the 2020-2022 Social Protection Report published this week.
According to the ILO study, the financing gap (the additional spending required to ensure at least minimum social protection for all) has increased by approximately 30% since the beginning of the Covid-19 crisis.
To guarantee at least basic social protection coverage, low-income countries would need to invest an additional US$77.9 billion per year, low-middle-income nations and additional US$362.9 billion per year and upper-middle-income countries a further US$750.8 billion, equivalent to 15.9, 5.1 and 3.1% of their Gross Domestic Product (GDP), respectively.
‘There is an enormous push for countries to move to fiscal consolidation, after the massive public expenditure of their crisis response measures, but it would be overly damaging to cut back on social protection – investment is required here and now,’ said Shahra Razavi, Director, ILO Social Protection Department.
¨Social protection is an important tool that can create wide-ranging social and economic benefits for nations at all levels of development. It can underpin better health and education, greater equality, more sustainable economic systems, better managed migration and the observance of core rights. Building the systems that can deliver these positive outcomes will require a mix of financing sources and greater international solidarity, especially with support for poor countries. But the benefits of success will reach beyond national borders to benefit us all,’ Razavi added.
ILO specified that social protection includes access to health care and income security, particularly in relation to old age, unemployment, sickness, disability, work injury, maternity or loss of a main income earner, as well as for families with children.
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