Social Protection Strategy

Abstract

Social protection is defined as the set of policies and programs designed to reduce poverty and vulnerability by promoting efficient labor markets, diminishing people’s exposure to risks, and enhancing their capacity to protect themselves against hazards and interruption/loss of income.1 Social protection consists of five major elements: (i) labor markets, (ii) social insurance, (iii) social assistance, (iv) micro and area-based schemes to protect communities and (v) child protection. When implemented properly, these policies and programs can make a major contribution to the overarching goal of the Asian Development Bank (ADB) of reducing poverty. Social protection, as an integral part of social development, one of the three pillars of the ADB Poverty Reduction Strategy,2 aims to assist individuals to break the cycle of poverty and enhance the ADB’s developing member countries (DMCs) quality of growth by investing in human capital, increasing productivity, and reducing citizen’s vulnerability to risks.