WASHINGTON, CMC—The World Financial institution has accredited an funding venture to increase protection and enhance the supply of Jamaica’s social safety system. The venture is anticipated to learn greater than 290,000 folks.
The Washington-based monetary establishment mentioned Jamaica was arduous hit by the COVID-19 pandemic, with the Gross Home Product (GDP) plummeting by 10 p.c between 2019 and 2020.
The World Financial institution mentioned widespread job losses and declines in labor earnings adopted this.
“Though employment indicators are exhibiting indicators of enchancment, challenges persist in employment high quality,” the financial institution mentioned, including that labor disparities for weak teams, together with ladies, youth, and individuals with disabilities, additionally worsened throughout this time, including that the impacts of rising meals and gasoline costs, together with climate-related occasions, had been felt by many.
“We’re dedicated to supporting Jamaica’s efforts to strengthen its social safety system. This new venture will help weak employees and households in Jamaica whereas laying a basis for a stronger, more practical, and shock-responsive social safety system for the long run”, mentioned Lilia Burunciuc, World Financial institution Nation Director for the Caribbean.
The monetary establishment mentioned that whereas Jamaica has established a well-developed social safety system in recent times, the system nonetheless faces challenges.
The financial institution mentioned the present Nationwide Insurance coverage Scheme covers many dangers however doesn’t embrace unemployment, “leaving employees unprotected within the face of sudden job loss.”
It mentioned the Jamaican social safety system additionally has restricted capability to attach job seekers with employment alternatives and has an outdated supply system.
The World Financial institution mentioned its Social Safety for Elevated Resilience and Alternative Mission goals to handle these points via a number of interventions, together with supporting the institution and implementation of an unemployment insurance coverage profit to guard employees from job loss.
“It will function a security web for employees and their households, particularly throughout shocks,” it mentioned, including that the venture will contribute to strengthening employment providers by enhancing Jamaica’s Labour Market Data System, providing offline and on-line providers -such as job counseling, job matching algorithms, video interviewing, and extra – together with for folks with disabilities.
The expanded service provision is anticipated to achieve extra job seekers throughout the nation, the World Financial institution mentioned, noting that the venture will additional assist the event of an “built-in, interoperable and risk-informed social safety data system that can revolutionize the implementation of social help applications in Jamaica.”
Amongst these the venture will profit, over 155,000 will probably be ladies, the World Financial institution mentioned, including beneficiaries will embrace formal employees and weak job seekers, reminiscent of casual employees, folks with disabilities, ladies, and younger folks.
Associated
