The intriguing headline to a briefing from the European Parliament Research Service. It would certainly make a difference to UK's GDP ranking if applied.
[Written by Meenakshi Fernandes and Cecilia Navarra].
Care work provided in homes and institutions is a public good that is under-valued by society. Care workers are more likely to have low earnings and precarious working conditions. About 9 in 10 care workers are women.
Most unpaid care work within households is carried out by women. The ‘unpaid care penalty’ for women in the EU, which is equivalent to the earnings they lost because of this unbalanced distribution of care responsibilities, is estimated to reach €242 billion per year.
EU action in the care sector has the potential for high returns for society. Fostering the ‘equal earner – equal carer model’ could generate benefits of between €24 billion and €48 billion a year. EU action to promote affordable, high-quality care could produce an additional €90 billion to €160 billion in benefits each year.
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