How can gender equality reduce poverty?

Higher female labour force participation rates can turbocharge economic growth; however, research shows that simply guaranteeing work for women is not enough. Women’s economic inclusion must also ensure access to decent work, equal pay for work of equal value and robust social protection.

Only 61 per cent of prime working-age women are in the labour force, compared to 90.6 per cent of men.  Furthermore, nearly 60 per cent of women worldwide are in the informal economy, a figure that skyrockets to more than 90 per cent in low-income countries. A vast proportion of them hold unstable, low-paid, and unskilled jobs that lack social security nets as domestic workers, construction workers, or seasonal agricultural labourers. Investing in skilled, decent jobs for women has a ripple effect with broader benefits to society that not only promote gender equality but also drive sustainable economic development for all.

The Skill Impact Bond is a pioneering USD 14.4 million project in India designed to boost women’s access to decent work. Around 50,000 people (at least 60 per cent of whom are women) will be equipped with employability skills, including digital and financial literacy, language training, and industry-specific courses. 

Those who have certified—almost 10,000 people, of which over 70 per cent are women—have reported a 56 per cent job placement rate and 42 per cent retention rate over just three months, outperforming many other national initiatives.