The Increase in Social Protection Programs During COVID-19
Chicago, Illinois — In an attempt to protect from economic disaster in the wake of the COVID-19 pandemic, governments enacted an unprecedented number of social protection programs. According to the World Bank, Social protection “traditionally consists of labor markets, pensions, social funds and ‘safety nets’.” Although developing countries introduced 1,300+ social protection and jobs programs related to COVID-19, the International Labor Organization (ILO) “estimates 255 million full-time equivalent” job losses in 2020. Another 90-130 million losses are estimated in 2021.
Liquidity Support and Labor Regulations
The World Bank stated that the provision of liquidity support to firms and labor regulation adjustments are the most popular policies. Liquidity support included tax relief, utility support, credit and payment facilities and deferral social security contributions….