Ministerial Session III: Investing in social protection: Enhancing formalisation and achieving universal coverage
Oct 22, 2024 | 5:00 PM - 6:15 PMBogota, Colombia
Oct 22, 2024 | 5:00 PM - 6:15 PM
Bogota, Colombia
Description
Informality is a complex and multifaceted phenomenon that affects many countries in the LAC region. The COVID-19 crisis has highlighted the great vulnerability of informal workers and the need to protect them and their families. Although labour formalisation has traditionally been linked to access to social protection, this approach has shown its limits and is being reconsidered. Rather than relying exclusively on formal employment as an enabler of social protection, alternatives are being explored that allow for the expansion of social coverage for all, regardless of their employment status. This implies designing social protection systems that are not linked only to formal work, but that offer universal access and more inclusive mechanisms capable of protecting workers in all their forms. Among the factors that contribute to informality - such as limited access to high quality education and training, or a weak institutional framework - designing more inclusive social protection systems can be key to reducing structural vulnerabilities. This session will discuss innovative strategies for financing and extending social protection, with a view to improving formalisation without making formalisation a requirement for access to social protection.
