Debosmita Sarkar, Soumya Bhowmick, Observer Research Foundation:
The International Labour Organization (ILO) defines social security as the “protection that a society provides to individuals and households to ensure access to healthcare and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity or loss of a breadwinner.” Essentially, social security provides the underprivileged sections of a society with a safety net to tide over crises, enable redistribution of income, diversify economic risks, and promote social stability and economic growth.
When looking at the nature of existing social security systems in the G20 countries, we see that most have targeted social protection schemes, while some have universal social security.
Development for All: Social security and the G20 | ORF (orfonline.org)
