6 June 2013

Tackling employment related issues requires integrated approach

On June 5, 2013 within the preparatory process for the Joint G20 Finance and Labour Ministers Meeting, the G20 Task Force on Employment (ETF) Co-Chairs Meeting with Finance Deputy was held in St.Petersburg. The main topic of the discussion was the draft Joint Finance and Labour Ministers' Statement.

The Co-Chair of the ETF and the Russian Deputy Minister of Labour and Social Security Alexei Vovchenko said that during the forthcoming joint ministerial meeting the Russian Presidency suggested focusing on two interrelated topics: government role in creating incentives and eliminating barriers to investment in job creation; and cost effective social policies to facilitate job creation and inclusive societies.

Mr. Vovchenko explained that these proposals come out from the main priority indicated by the Russian Presidency - transition to active economic growth. And in order to reach this goal it is necessary, firstly, to consider job creation as an engine for growth, and, secondly, to integrate labour market policies with the policies in financial-economic sphere. Likewise, it is important to pay attention to vulnerable groups while implementing measures for increasing the labour market participation.

In 2013 the G20 countries agreed on the necessity to conduct integrated labour market policies, which includes not only improving employment, but also job creation through investment and development of financial institutions that define investment climate in the G20 countries. Deputy Labour Minister noted that all the member-countries supported Russia's position and agreed on the necessity to consider the employment related issues in the global context in order to define what job creation strategies should be, and how economic policies should be reorganized to make them oriented on job creation.

"You can't ensure any substantive progress in the sphere of employment by one single tool. If we bring forward financial and economic initiatives, they should be primarily focused on generating new jobs," Aleksey Vovchenko admitted.

In his turn, Deputy Finance Minister of the Russian Federation Sergey Storchak noted the significance of such a key topic of the Russian G20 Presidency as financing long-term investment for job creation and decreasing unemployment. "Reaching tangible results in this field will provide substantial input of the G20 Financial Track in solving the issue of employment," he stressed.

The Joint G20 Finance and Labour Ministers Meeting will be convened for the first time as an initiative of the Russian Presidency. It will be held on July 18 in Moscow. "The main outcome of the meeting will be the Joint Statement of the G20 Finance and Labour Ministers, in which common strategies on job creation and promoting growth will be defined", Aleksey Vovchenko concluded.