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In Focus: Social security responding to the financial crisis
The aftermath of global financial and economic crisis continues to affect economies and people in most countries. While the recession seems to have ended, the impact on the labour market looks destined to persist for several more years. Nevertheless, social security systems have responded effectively to the test by softening the impact of the crisis. The challenge for social security now is to continue to cope with the social fall-out.
The ISSA is proactively working through its members to enable social security institutions and policy-makers to analyse the impact of the financial and economic crisis, develop strategies that can alleviate its negative social and economic effects and share measures adopted and lessons learned.
Related Internet links
European Commission: EU tackles social dimension of economic crisis
European Commission: The financial crisis - facts and policies
ILO Global Job Crisis Observatory: Social security - tools and good practices
ILO GESS: Government responses to the crisis related to social security
Institute of Development Studies: Crisis watch - Tracking global economic shocks
International Labour Organization and the global job crisis
International Monetary Fund and the financial crisis
Organisation for Economic Development and Co-operation tackling the financial and economic crisis
UNESCO: The Global and Financial Crisis
United Nations Conference on the World Financial and Economic Crisis (June 2009)
United Nations Development Programme: Impact of the economic crisis
World Bank and the financial crisis
World Health Organization: The financial crisis and global health
Snapshots
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Social Security Monitor - Financial crisis
ssa.gov (05/08/10) The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds and the long-range outlook remains unchanged. The combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2037, the same as projected last year. The Trustees also project that program costs will exceed tax revenues in 2010 and 2011, be less than tax revenues in 2012 through 2014, and then permanently exceed tax revenues beginning 2015, one year earlier than estimated in last year’s report. The worsening of the short-range outlook for the Social Security Trust Funds is due in large part to the recent economic downturn.
telegraph.co.uk (14/07/10) Pensions minister Steve Webb said he was considering allowing people “early access” to their private pensions if they were in dire financial need. Typical reasons could be if a family was facing eviction after falling behind in mortgage payments
Inquirer.net (07/08/2010) Several countries have volunteered to implement the Global Jobs Pact designed by the United Nations labor agency last year to guide national and international policies to stimulate economic recovery, create jobs, and protect working people and their families, the UN office here said in a news release.
euractiv.com (07/07/10) Amid the economic crisis, the European Parliament yesterday (6 July) adopted a resolution calling for a 'European Youth Guarantee' to make sure that unemployed young people do not remain without jobless for over four months.
africanmanager.com (06/07/10) Les pays arabes sont indistinctement menacés par le fléau du chômage. C’est ce qui ressort du deuxième rapport arabe sur l’emploi présenté lors d’une rencontre organisée par l'Union Générale Tunisienne du Travail (UGTT) et l’Organisation arabe du Travail en vue d’étudier les conséquences de la crise économique mondiale sur les Etats arabes et d’envisager les façons de soutenir l’emploi et d’étendre la protection sociale pour leurs citoyens.
exchangemagazine.com (29/06/10) International Labour Organization Director-General Juan Somavia today welcomed the G20 Leaders’ statement from Toronto in which they gave the “highest priority to safeguard and strengthen the recovery and to the next steps they should take to ensure a full return to growth with quality jobs”.