Aftermath of the global economic crisis, it has been discovered that over 70 per cent of the world population is without proper social protections, says United Nations labour agency, the International Labour Organisation (ILO), reports NaijaAgroNet.
ILO in an executive summary of the report made available to NaijaAgroNet.urged governments to scale up investment in child and family benefits, pensions and other public expenditures.
Sandra Polaski, the Deputy Director-General of the International Labour Organization (ILO) made this disclosure, saying that the global community agreed in 1948 that social security and health care for children, working age people who face unemployment or injury and older persons are a universal human right.
“And yet in 2014 the promise of universal social protection remains unfilled for the large majority of the world’s population,” she lamented.
Equally, NaijaAgroNet gathered that as many as 122 governments were contracting public expenditures in 2014, of which 82 are developing countries, according to the findings of the World Social Protection Report 2014/15: Building economic recovery, inclusive development and social justice.
“The case for social protection is even more compelling in these times of economic uncertainty, low growth and increased inequality,” Ms. Polaski noted, adding that it is also an issue that the international community should embrace prominently in the development agenda following the Millennium Development Goals deadline in 2015.
At the beginning of the 2008-2009 economic crisis, at least 48 high- and middle-income countries put in place stimulus packages totalling $2.4 trillion that devoted roughly a quarter to social protection measures.
This support “acted as an automatic stabilizer that helped the economies to regain balance and protected the unemployed and vulnerable from economic disaster in the countries where it was extended,” according to the report.
But from 2010 onwards, many governments reversed course and embarked prematurely on fiscal consolidation, despite the urgent need to continue supporting vulnerable populations and stabilizing consumption.
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