The social pillar is to be the fifth pillar of the economic and monetary union. It is to serve as a compass for updating the EU's welfare states and labour markets to the new realities of life and work in the 21st century. At the Porto Social Summit held on 7-8 May 2021, European leaders and stakeholders reaffirmed their pledge to work towards a social Europe that leaves no one behind, prioritising support for young people and focusing on reducing inequalities, defending fair wages, fighting social exclusion and tackling poverty.
https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2021)690591

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