ILO assesses the financial sustainability of unemployment insurance systems during ISSA technical seminar in Antigua and Barbuda

The lack of income protection in the case of unemployment is a major social protection gap in the Caribbean region, and unemployment insurance remains the least developed social security branch. Further to the experiences and lessons learnt during the pandemic, several countries in the region are now working on the implementation of unemployment benefit schemes.
Against this backdrop the ILO participated in an International Social Security Association (ISSA) technical seminar on "Unemployment Protection for Workers in the Caribbean − Strategies and Key Parameters" from 17 to 19 April 2023. The event was hosted by the Antigua and Barbuda Social Security Board to mark the 50th anniversary of the national social security system.

The technical seminar sought to support ISSA member institutions from the region in responding to key questions:

• What are key factors to be considered in the development, establishment, implementation, and extension of unemployment insurance schemes in countries within the region?
• What should be considered to determine choices regarding benefit levels, payment periods, qualifying conditions, and other parameters?
• How can unemployment insurance schemes be financed sustainably and optimally contribute to national social and economic resilience?

In addition to her participation in the high-level debate that opened the technical seminar, Ms. Joana Borges, ILO Specialist for Social Protection and Occupational Safety and Health, gave a presentation on the financial sustainability of the unemployment insurances in the Caribbean region. Her presentation focused on the challenges faced by social security systems, particularly in terms of financing and sustainability.

Ms. Borges emphasized the need for effective social protection systems that are financially sustainable, provide adequate coverage, and are accessible to all workers. She also highlighted the importance of promoting inclusive and sustainable economic growth, creating decent work opportunities, and strengthening social protection systems, including unemployment protection.

The ISSA technical seminar was an excellent opportunity for stakeholders to exchange ideas, share experiences, and learn from each other's best practices in unemployment protection. The ILO's participation in this event underscores its commitment to promoting social justice and decent work for all.