Social security: Three lessons from the global crisis
This article focuses on three lessons that can be drawn from responses to the global crisis:
- People covered by different social security arrangements with respect to financing, design and coverage are exposed to economic shocks in different degrees.
- With adequate financing, design and coverage, social security acts as an economic and social stabilizer during a crisis.
- While the crisis has opened a window of opportunity for the extension of social security, particularly in low-income countries, more political will is needed both nationally and internationally to create the necessary fiscal space.