Bimbola Oyesola, Geneva, Switzerland
The International Monetary Fund (IMF), has said that investment in social insurance is a key to achieving a stronger global economy, calling on societies across the world to begin by strengthening social programmes.
Its Managing Director, Christine Lagarde, speaking at a special forum organised as part of the ongoing 108th Centenary celebration of the ILO to discuss how digitalisation, demographic shifts, climate change and globalisation affect the way people manage transitions during the course of their lives.
The social investment includes social insurance and social assistance, as well as public spending on health and education.
She added: “Social spending is not just an expense, but rather can be among the wisest of investments in the well-being of our societies.
“Expansion of access to education and health generates broader productivity across the population, allowing all citizens to flourish. To reap the rewards of a stronger global economy, societies must begin by strengthening social programmes today.
“I would argue that social spending is a core component of the social contract needed to fulfil the missions of our respective institutions.”
United Nations High Commissioner for Human Rights, Michelle Bachelet , also called on world leaders to put in place measures that will mitigate the impact of unemployment and create access to education and other social investment programmes.
He said, “By mitigating the negative impact of unemployment, creating access to further education, improving labour market opportunities, and securing access to at least the core contents of the right to health, food, water and sanitation, education, housing, social security systems, you can ensure that individuals in all societies are protected from the worst impact of upheavals.”
ILO Director-General, Guy Ryder, pointed out that 55 per cent of the world’s population is still not covered by social protection, saying the global commitment to social protection is a prerequisite to securing sustainable transitions over the life course.