For social protection to be truly rights-based, the manner by which it is financed should also be rights-based. A rights-based financing for rights-based social protection would mean that financing should come primarily from the government funds to counter IFIs’ involvement in social protection and the financialisation of social protection funds. This would entail realignment of public funds from defence spending and debt servicing to social protection programmes as well as exit from loan-induced social protection models. Overall, a rights-based social protection prioritises the needs of the marginalised workers over the capitalist interests. In this regard, the states should ensure that its economic development agenda is people-centred and not biased towards the interests of big capitalists that disregard people’s rights, lives, and livelihood.
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