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childcare, are just as important and often havean even greater impact than social transfers inreducing poverty and gender inequality.A comprehensive approach to social policy thatcombines universal access to social services withsocial protection through contributory and noncontributorytransfer systems is the best way torealize economic and social rights for all withoutdiscrimination. Currently, only 27 per cent of theworld’s population enjoys full access to socialprotection, whereas 73 per cent are coveredpartially or not at all. 16 Women are often overrepresentedamong those who lack access tosocial protection. The definition of national socialprotection floors, including basic income securityfor children, working-age adults, older people andpeople with disabilities as well as the extension ofbasic social services to all, therefore holds significantpromise for women. The introduction of universalsocial pensions in countries such as the PlurinationalState of Bolivia, Lesotho and Mauritius, for example,has helped close gender gaps and provide womenwith basic income security in old age.In order to contribute to substantive equality,social policies have to be designed with women’srights at the centre. Particular care is needed toensure that policies redress women’s socio-economicdisadvantage without either reinforcing genderstereotypes or stigmatizing women for needingsupport. Policy makers should progressively movetowards universal, rather than targeted, transfersand services and eliminate co-payments thatcompromise affordability of health and education,particularly for poorer women and girls. Wherepossible, conditions tied to the receipt of transfersshould be removed, particularly those that reinforcewomen’s traditional roles and add to their overallwork burdens. Instead, women’s empowermentshould be an explicit goal of social protection.Investing in more and better services—includinghealth services, education and training, credit andchildcare services—to address women’s needs headonand to bolster their income security in the longterm is crucial here. With women’s rights placed atthe heart of policy design, sustainable and equitableroutes out of poverty are possible.Investing in social protection and social services mayseem daunting in the current economic climate. Butit is possible. It has been estimated, for example,that the introduction of universal social pensionswould cost around 1 per cent of gross domesticproduct (GDP) per year in most countries in sub-Saharan Africa. In many low-income countries thesebenefits will have to be implemented gradually. Butas well as realizing women’s rights, the long-termbenefits of social investments—such as maintaininga skilled workforce, healthy and well-nourishedchildren capable of learning and creativity andsocieties where no one is left behind—will more thanoutweigh their immediate costs. 173. Rights-based macroeconomic policiesBecause macroeconomic policy is treated as‘gender-neutral’ it has, to date, failed to supportthe achievement of substantive equality for women.From a human rights perspective, macroeconomicpolicy needs to pursue a broad set of objectivesthat include the reduction of poverty and genderinequality. Integrating these social objectiveswould mean: expanding the targets of monetarypolicy to include creating decent work; mobilizingresources to enable investments in social servicesand transfers; and creating channels for meaningfulparticipation by civil society organizations, includingwomen’s movements, in macroeconomic decisionmaking.Conventional monetary policy typically has onetarget—inflation reduction—and a narrow set ofpolicy tools for achieving it. Although managinginflation is an important goal of monetary policy, thebenefits of maintaining very low rates of inflationare not clear cut, particularly when trade-offsexist—with employment generation, for example.There are policy choices to be made: in the wake ofthe 2008 crisis, many central banks changed theirapproach to monetary policy by stimulating realeconomic activity rather than focusing exclusivelyon inflation.In the arena of fiscal policy, countries can raiseresources for gender-sensitive social protectionand social services by enforcing existing taxobligations, reprioritizing expenditure and15