Social Security is Globally Affordable

The UN released a report last week stating not only social security is necessary (it is essential to reduce poverty and eliminate inequality), it is globally affordable. Only 2% of the world’s GDP is necessary to provide basic social security to the poor, according to ILO, and 4% to reduce poverty rate in a country by about 14%. The report surveys social protection programs, especially from South America, seeking to promote a global social protection floor. Among the programs studied are: Argentina’s Universal Child Allowance, Brazil’s Bolsa Familia, Chile’s Solidario Program, Mexico’s Oportunidades, South Africa’s Child Support Grants, and Thailand’s Universal Health Care Scheme. To read more about this report, click here.