ILO Global Business Network on Social Protection Floors
Today nearly 73 per cent of the world’s population lack access to adequate social protection coverage. The establishment of social protection floors (SPFs) requires a strong political will from the government and social partners, and private sector enterprises can help promote them. There are many reasons why private-sector companies and their representative business associations may wish to be involved in discussions on balanced and sustainable public social protection policies and their implementation at the country level.
A growing body of studies shows that social protection supports companies’ competitiveness, and results in lower absenteeism, greater worker productivity and reduced turnover. Furthermore, it is a driver of growth and development: it boosts aggregate demand for goods and services by increasing incomes, which can create new business opportunities for private-sector enterprises; and it is a driver of social and political stability, which are important factors that impact firms’ success and economic development at large.