Financing social protection

Over the past decade, social protection has emerged as a critical development instrument in Asia and the Pacific. Originally understood exclusively in terms of poverty reduction, today social protection is being integrated into broader national policies. Social protection is anchored in the universal rights of everyone to social security, and to a standard of living adequate for the health and well-being of themselves and their families. In addition to fulfilling basic rights, social protection also generates resilience, equity and opportunity, and acts as a strong redistributive mechanism. In doing so it establishes a solid foundation for both social and economic development. To develop an effective financing framework consistent with the Sustainable Development Goals’ aspirations, efforts should be consistent with the principles of the Social Protection Floor. That is, it should include the following four components: • Meeting the nutritional, health and educational needs of children; • Ensuring income security for the working-age population; • Providing old-age pensions for all; and • Achieving universal health care coverage.