Towards universal social security: Priorities for G20
At least four billion people around the world are yet to be covered by any form of social security, and therefore vulnerable to economic, social, and environmental shocks. India, as current president of the G20, can guide the grouping in creating sustainable financing for social security, utilising lessons it has learnt from its own social protection schemes. The International Labour Organization defines social security broadly as “protection that a society provides to individuals and households to ensure access to health care and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity or loss of a breadwinner.” The term social security therefore covers a variety of benefits, ranging from insurance and pensions to disability and unemployment benefits. While social protection has historically been identified as a responsibility of the State, countries have made concerted efforts to diversify their systems to accommodate various forms of social security financing. The sections investigate the existing divergences and gaps in social security financing among the advanced and emerging economies of the G20 and suggests approaches to ensure financial sustainability of social protection systems around the world.
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