With many social security systems now under reform, future prospects are outlined and an alarm is sounded about the implications of pension fund growth for the instability of global financial markets. An efficient economy and an effective system of social protection are both essential for the attainment of income security and a stable society. The report underlines the direct and immediate relationship between the provision of social protection and decent work, as underlined by Juan Somavia, Director-General of the ILO, in his first report to the International Labour Conference in 1999. Freedom and democracy provide the context for workers' participation in the decisions that affect them. For social protection schemes to reflect workers' legitimate aspirations, democratic institutions must be in place.
Good governance is also essential.
The ILO is committed to working unstintingly for a world in which all workers benefit from an affordable level of social protection. The report makes concrete suggestions for achieving that goal.