social-security-letter-eds-cspf-2024-1e631071c5f1fc76.pdf

The document argues that the World Bank and IMF fail to promote the human right to social security by favoring narrowly targeted "safety nets" and austerity-driven macroeconomic policies over universal systems. The signatories claim that means-tested programs often exclude the poorest and are vulnerable to corruption, while the promotion of privatized pensions undermines public insurance. The letter proposes four policy changes: committing to the progressive realization of the right to social security, replacing poverty-targeting with universal systems, supporting sustainable public systems over privatization, and halting austerity budgeting reforms that condition loans on spending cuts.

• The World Bank and IMF are criticized for promoting narrowly targeted "safety nets" and means-tested programs rather than universal social protection, which the authors argue leads to large exclusion errors and fails to reach many of the poorest people.
• The signatories assert that the World Bank and IMF have historically undermined public social insurance by encouraging individualized savings and privatized pensions, which the International Labour Organization (ILO) indicates has worsened inequality and poverty, particularly for older people and women.
• The document highlights that austerity measures impede the ability of governments to meet human rights obligations, noting that 85 percent of the global population lives in countries where such measures are in place.
• The authors propose four specific policy shifts: supporting the progressive realization of social security rights via social protection floors, phasing out poverty-targeted programs and social registries, strengthening public systems over privatization, and ending the practice of conditioning loans on austerity measures.

APA

Institute for Economic Justice (2024). social-security-letter-eds-cspf-2024-1e631071c5f1fc76.pdf. https://iej.org.za/wp-content/uploads/2024/08/Social-Security-Letter-EDs-CSPF-2024.pdf

Chicago

Institute for Economic Justice. social-security-letter-eds-cspf-2024-1e631071c5f1fc76.pdf. 2024. https://iej.org.za/wp-content/uploads/2024/08/Social-Security-Letter-EDs-CSPF-2024.pdf.

Wikipedia

{{cite press release |author=Institute for Economic Justice |title=social-security-letter-eds-cspf-2024-1e631071c5f1fc76.pdf |date=15 April 2024 |url=https://iej.org.za/wp-content/uploads/2024/08/Social-Security-Letter-EDs-CSPF-2024.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{instituteforeconomicjustice2024socialsecurityletteredscspf20241e631071c5f1fc76pdf, author = {{Institute for Economic Justice}}, title = {{social-security-letter-eds-cspf-2024-1e631071c5f1fc76.pdf}}, publisher = {Institute for Economic Justice}, year = {2024}, month = apr, url = {https://iej.org.za/wp-content/uploads/2024/08/Social-Security-Letter-EDs-CSPF-2024.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }