Discussions took place with development cooperation donors from the OECD’s Development Assistance Committee (DAC) at the ITUC’s annual Trade Union – DAC Forum on 3 May.
Social protection is one of the key demands of working people for a new social contract and has been at the forefront of government responses to the COVID-19 crisis.
But social protection is facing huge financing gaps that will require the mobilisation of domestic resources coupled with support from development cooperation funds, which are still too low at only 2.7% of all aid funds in 2020.
During a high-level panel debate, ITUC General Secretary Sharan Burrow highlighted the cost effectiveness of social protection: “If you invest in social protection, you will have more than double the amount of the investment back in the mid-term and huge social returns.
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