Social Protection Floor for a Fair and Inclusive Globalization

In many ways the power of the social protection floor lies in its simplicity. The floor is based on the idea that everyone should enjoy at least basic income security sufficient to live, guaranteed through transfers in cash or in kind, such as pensions for the elderly and persons with disabilities, child benefits, income support benefits and/or employment guarantees and services for the unemployed and working poor. Together, in cash and in kind transfers should ensure that everyone has access to essential goods and services, including essential health services, primary education, housing, water and sanitation.

This report, prepared under the guidance of Ms Michelle Bachelet and members of the Advisory Group, shows that the extension of social protection, drawing on social protection floors, can play a pivotal role in relieving people of poverty and deprivation. It can in addition help people adapt their skills to overcome the constraints that block their full participation in a changing economic and social environment, contributing to improved human capital development and stimulating greater productive activity. The report also shows how social protection has helped to stabilize aggregate demand in times of crisis and to increase resilience against economic shocks, contributing to accelerate recovery towards more inclusive and sustainable development paths.