While social protection is first and foremost a human right, the report also shows that social spending can yield significant economic returns. By applying a robust assessment of the impact of investing the equivalent of just 1% of GDP in each of eight countries, the research shows:
- positive returns on the economy overall, stimulating GDP growth;
- increased productivity and overall employment;
- increased tax revenues;
- more effective poverty alleviation; and
- reduced barriers to women entering or returning to work.
In addition, the report shows that increased investments in social protection can yield between 0.7 and 1.9 times their value in economic returns. This means that the economic benefits of social spending increases can partially or completely offset the costs.
Read this ITUC Report