Investing in job-rich growth, social protection and a just transition to a net-zero emissions future, particularly in low -and middle-income countries, could prevent a further deepening of the inequalities between developed and developing economies that have been exacerbated during the COVID-19 pandemic, said UN Secretary-General, António Guterres, in a policy brief issued today.
At least US$982 billion in fiscal stimulus measures is needed to respond to the immediate labour market shocks of the crisis and to support a just transition, as well as US$ 1.2 trillion annually for social protection floors in low- and middle-income countries. No advanced economy has achieved economic and social progress without investing in social protection systems and quality public services that provide people with the necessary support to navigate the vicissitudes of their lives.
While the wealth of billionaires increased by over US$ 3.9 trillion between March and December 2020, the impact of the pandemic on the world of work, among other factors, increased the number of extremely poor by between 119 and 224 million people—the first increase in poverty in over 21 years.
The Secretary-General’s brief calls for urgent investments in a job-rich, sustainable and socially inclusive recovery. The public and private sectors should leverage finance to significantly ramp up such investments to get the world back on track to achieve the Sustainable Development Goals and to address ever increasing risks from climate change and environmental degradation that could jeopardize 1.2 billion jobs—equivalent to 40 percent of the global labour force.
A human-centred recovery from the pandemic needs employment and social protection policies to work in tandem, not only to improve people’s living standards, but also to help them navigate the challenges of a rapidly changing world of work and the transition towards the goal of net zero carbon emissions by 2050.
Accelerating job creation
To achieve a job-rich recovery and a just transition to a sustainable and inclusive economy, the Secretary-General is calling for a Global Accelerator for Jobs and Social Protection that would create at least 400 million jobs and extend social protection to 4 billion women, men and children currently without coverage.
To achieve this Goal, the Policy Brief entitled “Investing in Jobs and Social Protection for Poverty Eradication and a Sustainable Recovery” recommends several actions:
High-level Event on Jobs and Social Protection for Poverty Eradication
The UN Secretary-General will present the brief at a virtual high-level meeting at the UN on 28 September 2021, 09.00 -12.00 ET (15.00-18.00 CEST). The meeting is convened jointly with the ILO.
Leaders from countries, along with the heads of major international organizations, multilateral banks and finance institutions, civil society, private sector and academia will discuss pathways.
The High-Level Meeting on Jobs and Social Protection for Poverty Eradication will feature the UN Secretary-General delivering opening remarks, followed by Jamaican Prime Minister Mr. Andrew Holness as co-convener of the Financing for Development in the Era of COVID-19 and Beyond Initiative (FfDI), and Mr. Guy Ryder, Director-General, International Labour Organization. After, a moderated discussion will take place with Heads of the International Financial Institutions, Heads of States and Government and international organizations.
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