TRADE & FINANCE 39
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The Labour and Employment Ministers ’ Declaration adopted this morning endorsed a range of labour market policies that would support inclusive economic growth and jobs . In headline form they include :
• Strengthening labour market institutions , including wage setting mechanisms like minimum wages and collective bargaining , that help to put money into the households most likely to spend and thereby increase demand ;
• Improving employment opportunities — and outcomes — for vulnerable groups in the labour market , including women , youth and other disadvantaged groups , through means such as improving access to quality education , training and lifelong learning and through provision of effective employment services ;
• Improving job quality by promoting the quality of earnings , reducing labour market insecurities and promoting good working conditions and healthy workplaces
These labour market policies should be combined with appropriate monetary policy and fiscal measures such as adjustments to tax and social protection systems to lift the incomes of lower and middle income households . Investment in infrastructure is also a proven method of creating jobs in the short term and increasing productivity and connectivity in the medium term .
It is also important to note that good national policies can have very important positive spillover effects to other G20 countries and beyond , by increasing global aggregate demand , offsetting the impact of negative shocks and reducing the temptation to engage in beggar-thy-neighbour policies .
To conclude , Chair , this joint meeting can be of enormous service to G20 Leaders by integrating policy initiatives that work on both the demand and the supply side of labour markets , thus helping us to get back on track for the 2 per cent growth ambition and making that growth more inclusive .
Thank you .