Macau Pension Fund Essay Example for Free

Macau Pension Fund Essay According to the Act 84/89/M, Social Security fund would provide subsidies or assistance for unemployed, sick and retired people. This was the so-call â€Å"the first tier of social security†. At the same time, SSF was positioned as a financially independent fund under the local government. In Macau, Pension fund is included in the SSF, and there is no separation between the management of pension fund and SSF. Instead, pension fund is considered as an expense from the aspect of financial management. All the working people, including non-permanent and permanent residents, are required to contribute to SSF in each month. If they have contributed enough amounts, they can get part of or all the pension fund payment after retirement. Since 1993, the government was gradually enlarging the coverage of pension fund beneficiary. So far, most unemployed or workless people, such as housewife, could join the voluntary contributions program. After certain periods of contribution, those people are also entitled to the pension fund payment from SSF once they are over 60. 2. 0 Current Problems As a financially independent fund, SSF is supposed to maintain the operation with the contribution as its major income. However, government funding has already become the most important income of SSF in recent years. In 2010, government budget and funding from gaming tax accounted for 92% of the total income of SSF (see figure 1). For the pension fund, many people stated that the pension fund payment, maximum MOP 2,000, is not enough under the high-inflation economy. Some academies also claim that the contribution is not enough to maintain the budget balance of SSF. After all, government announced the predictable deficit of SSF since 2014 and bankruptcy in 2020 without government funding, which cause the heated discussion in Macau. 3. 1 Insufficient Contribution According to the SSF regulation, a resident who have contributed to SSF for 30 years is qualified to get MOP 2,000 per month after retirement at 65. Actually the monthly contribution to SSF has been fixed at MOP 45 per person since 1998, which means the total contribution in 30 years would be returned in 9 months after retirement. Figure 1: Income of SSF in 2010 The contribution in 2010 only accounted for 5. 35% of the annual income of SSF and 24. 4% of the pension fund payment. In other words, the contribution is obviously insufficient to support the pension fund payment. The pension fund payment has been increased from MOP 800 in 1995 to MOP 2,000 recently, so as other subsidies and assistances. Therefore, the government kept increasing funding for SSF to prepare for the increasing outcome. Millions (MOP) Figure 3: Social security expenditures by SSF 3. 2 Insufficient Pension Fund Payment According to the poverty line set up by Economic Cooperation and Development (OECD), the people with an income level lower than half of median income should be considered as poor people. Referring to 2011 median income published by Macau Statistics and Census Service, people have income lower than MOP 5,000 per month should be classified as needy. However, the maximum amount of pension fund payment is MOP 2,000, only 40% of the poverty line. The payment is even lower than the minimum subsistence index for one-person family, which is MOP 3,000 after the adjustment by Macau government on 1 Apr 2012. In view of this, some communities and organizations have called for further raise of pension fund payment. 3. 3 Inefficient Management Rate of Return Percentage Inflation Rate Figure 2: Investment return of SSF balance and Macau inflation rate Given the enlarging funding from government, the balance of SSF have increased from MOP 1. 5 billion in 2006 to MOP 6. 2 billion in 2010. However, it has been shown in Figure 2 that the investments return of SSF balance is just a bit higher than the inflation. During the financial crisis, there was even a negative return recorded in 2008. By ignoring year 2008, there is still a downward trend of the return. According to the 2010 annual report of SSF, 72. 43% of SSF balance was deposited into local bank, the remaining proportion was entrusted to fund managing company for only low-risk investments. Under the fix-rate hedging between MOP and HKD, the interest rate of Macau is close to interest rate in Hong Kong, which is similar to US interest rate. Since the 2008 financial crisis, Fed has applied the ultra low interest rate and the interest rate is believed to be maintained until 2014. So, a 72. 43% of deposit in an investment portfolio is reasonably considered as inefficient. 3. 4 Irregular government subsidies In 2008 Macau government introduced the â€Å"Wealth Partaking Scheme†. Each permanent resident will receive the cash check issue by government and each non-permanent residents would received 60% of the partaking amount to permanent resident. The aim of the scheme is to share the result of economic development under the high-inflation economy. However, in some people’s view, the scheme has been considered as supplement of social security and thus expected to transfer the scheme into regular subsidies. Beside the partaking scheme, Macau government established the â€Å"Central Saving Plan† – to inject certain capital into individual account of all the permanent attained the age of 22 in the year. The government claimed that the plan is â€Å"the second tier of social security† and the plan will enhance the living security of retired people. Under the government regulation, people could withdraw the saving fund only when they are over 65 or in urgent needs.

Main Street Essay examples -- Sinclair Lewis

Sinclair Lewis makes point of the efforts that Carol produces to reform her new home. These efforts can be perceived by the townspeople as unwelcomed and unsuccessful. Some of Carol’s ideas are ludicrous, out of proportion and not ready for the slow-moving town. She tries several different approaches to reforming the town from the moment of her arrival. She goes from architectural reform to poetic reform to artistic to introducing liberalism to amusing social functions. All of these tactics she hopes will spring forth a reform movement to beautify and culturalize the town and people. Her initial attempts at bringing the town out of its shell consisted of throwing fun and exciting parties. Such as her Chinese house-warming party on page 66. She plans this social event as a way to bring the people out of their normal funeral parlor routine of sitting in a circle and making small talk. For the moment she is successful, but soon after she implements sledding, skiing and skating o utings, people begin to recoil back into their normal routines. Again, Carol is frustrated with the progress of the town, and she soon feels rejected by the social elite at the Jolly Seventeen club on page 78. Her attempts to open the minds of the Jolly Seventeen to the issues of the lower class, backfires into a discussion of foreign incompetencies and laziness. Her reputation becomes the antithesis of Gopher Prairie social beliefs and structure. After presumably months of social reclusion, Carol is coe...

Impacts Of The Economic Downturn On Health Economics Essay

Undertaking ) â€Å" Identify and explicate how the economic downswing may impact straight and indirectly on the wellness of people in the UK. Discuss with mention to identify positions on wellness inequalities and socioeconomic position † â€Å" Those who do n't cognize history are destined to reiterate it. † Edmund Burke ( 1729-1797 ) 1.0 Introduction 1.1 Poor wellness affects the lower-classes more significantly and disproportionately than the upper-classes ( Chadwick, 1843 ) . Somewhat before his clip Chadwick concluded the unequal impact of hapless wellness on lower socio-economic groups is evitable. Indeed, Chadwick claimed that he could cut the decease rate in London by a 3rd by bettering the conditions of the lower-classes ( Chadwick, 1843 ) . Figure: Scanned infusion from the original study by Edwin Chadwick on the healthful conditions of the laboring population of Great Britain ( 1843 ) . 1.2 Chadwick ‘s belief in miasma, as the instrument of decease, was incorrect but his decision that the impact of ill-health and mortality on the lower-classes was greater than that of â€Å" upper-classes † was anything but incorrect. In 1844 Engles claimed the disparity was due to the chase of wealth by the upper-classes, the middle class, at the disbursal of the wellness of the lower-classes, the labor, and referred to the phenomenon as â€Å" societal slaying † ( Engles, 1844 ) . 1.3 Since Chadwicks ‘ study in 1843 many others, most notably, the Black Report ( DHSS, 1980 ) , the Whitehead Report ( Whitehead, 1988 ) , the Atchison Report ( 1997 ) and the Marmot Review ( 2010 ) , conclude that those in lower-classes or lower socio-economic groups are more likely to be affected by hapless wellness, and as a effect the labor will see higher mortality which is unjust and wholly evitable ( Bradby, 2009 ) . The purpose of this paper is to place and explicate how the 08/09 economic downswing may impact the wellness of people in the UK with specific mention to social-class and wellness inequalities. 2.0 Social-class and wellness inequalities 2.1 The Registrar General ‘s categorization of social-class, conceived in 1911, was based on business with specific mention to the implied societal position of that business ( Bartley and Blane, 2009 ) . This method of categorization, limited by its stiff contemplation of a structured-hierarchal-unchanging-society, was superseded in 2001 by the National Statistics Socio-economic Classification ( NS-SEC ) , an internationally recognized categorization that takes history of position, income, chances, security, instruction, and liberty and control ( Denny and Early, 2005 ) . 2.2 In using NS-SEC, Marmot ( 2010 ) showed the sum of societal inequality persons experience is comparative to the sum of wealth and power wielded by those single ; the less wealth, power and influence and accordingly the lower social-class the greater the inequality. Graham ( 2007 ) , identified the beginnings of economic and societal inequality are hapless instruction, deficiency of occupation chance, and accordingly hapless income chances, and demonstrated a generational geographic temperament to ill-health and disablement. 2.3 The eventual societal place, money, power, and material wealth acquired in life are non relative to their wellness hazards, ( Marmot, 2010 ) . Jointly the determiners of wellness are rooted in the societal, geographical, environmental, political, and material universe ; which affect the mental and physical wellbeing of persons unevenly. Dahlgren and Whitehead ( 1991 ) clearly describe the determiners of wellness as a multifactorial-socio-economic phenomenon of which the bulk is under the control of those with greater power, see Figure: The chief determiners of wellness ( Beginning: Dahlgren and Whitehead, 1991 ) . below: Figure: The chief determiners of wellness ( Beginning: Dahlgren and Whitehead, 1991 ) . 2.4 The societal inequalities in wellness are described by Bartley et al.. ( 2004 ) as 4 theoretical accounts: 2.4.1 The behavioral theoretical account which advocates the single chooses to damage their ego through their ain hapless picks such as intoxicant maltreatment, drug usage, smoke, and hapless diet doing fleshiness ( Bartley et al.. 2004 ) . 2.4.2 The materialist theoretical account which suggest the quality of your material universe such as your house, the location you live in, and handiness of quality merchandises has an impact on your wellness ( Bartley et al.. 2004 ) . 2.4.3 The psyco-social theoretical account analyses the relationship between the physiological effects of perceived societal unfairness on the human organic structure. High emphasis, deficiency of support, emotional withdrawal, relationships, can consequence harmful biological alterations which manifest in unwellnesss ( Bartley et al.. 2004 ) . 2.4.4 The life class theoretical account, which combines strands from the behavioral, materialist, and psychosocial theoretical account. If you are of a lower social-class, societal mobility is improbable and your material universe is improbable to alter for the better, nor are you behaviours or stressors, all of which have negative cumulative effects that damage wellness but can-not be mitigated by societal capital, ( Bartley et al.. 2004 ) . 2.5 Locker ( 2008 ) describes the incorporate nature of these theoretical accounts as the â€Å" web of causing † . Suggestive of the proposition that no individual theoretical account histories for all causes of ill-health but without uncertainty wellness inequalities manifest in more long-run unwellness for lower-classes, and higher infant mortality rates, non to advert a greater opportunity of coronary bosom diseases, shot, lung malignant neoplastic diseases, self-destructions, and respiratory disease ( Marmot, 2010 ) . 3.0 Recession and Downturns 3.1 The definition of a â€Å" Recession † is widely accepted as two-or-more back-to-back quarters of negative growing. The ONS has recorded eight recessions over the past 55 old ages ; on norm of 1 every 6.8 old ages, Table: Eight recessions between 1956-2009, associated figure of negative growing periods and cumulative impact on GDP. ( Beginning: ONS, 2011 ) refers ( ONS, 2011 ) . Table: Eight recessions between 1956-2009, associated figure of negative growing periods and cumulative impact on GDP. ( Beginning: ONS, 2011 ) . 3.2 Literature suggests the lower socioeconomic category suffer more well in times of recession, although Elliott et Al. ( 2009 ) suggest the longer-term agony and in some respects, the greatest consequence on lower social-classes is from the downswing. The 08/09 recession started in Q2/08 and ended in Q3/09, stand foring six quarters of negative growing and has the greatest cumulative decrease in GDP ( ONS, 2011 ) . Elliott et Al. ( 2009 ) province the length of recession and longer-term impacts of the recession are dissociated. The writers attempt at a graphical representation of Elliott et Al. ‘s premise are seen in below: Figure: Writers graphical representation of Elliott et Al. ‘s premise that the recession and downswing are dissociated 3.4 This representation may propose the consequence of rebalancing is more likely to impact lower social-classes than the recession its ego, given that market forces manipulated by higher social-classes create the environment for a recession, which is rebalanced by cardinal authorities at the disbursal of the lower-classes in the signifier of decreased public disbursement and accordingly a decrease in employment and societal services. 4.0 Social-class and the economic downswing 4.1 Harmonizing to Marmot and Bell ( 2009 ) recessions have greater impact on those of a lower socio-economic place due to their inability to endure a recession. Although, Gerdtham and Ruhm ( 2006 ) , based on an analysis of OECD informations, claimed mortalities rates decline during recessions an analysis of informations obtained from the ONS demonstrates that morality rates as a % of population did non worsen universally over the period of 1956 – 2009 against the mean mortality rate for that period. Harmonizing the the ONS information for the first 5 recessions the mortality rate was higher than norm when considered as a % of population. During the 90/91 recession the mortality rates as a per centum of population was close norm and so declined significantly during the latest recession, which concur with Rhum ( 2005 ) findings, Figure: Mortality rates as a % of population during recession old ages. ( Beginning: ONS 2011 ) refers. Figure: Mortality rates as a % of population during recession old ages. ( Beginning: ONS 2011 ) 4.2 Interestingly the unemployment rate as a per centum of the population when considered against the mean unemployment for the period 1973-2009, was significantly lower in the 73/74 recession and merely reached para at the beginning of the 90/91 recession, Figure: Unemployment rates as a per centum of population during recession old ages refers. Martikainen et Al. ( 2007 ) identified in their survey, mortality rates do non needfully increase during recession old ages, and in fact, grounds suggests the antonym. Specifically, during the last recession mortality rates appear to be above the norm during periods of high unemployment, Figure: Mortality rates as a % of population during recession old ages. ( Beginning: ONS 2011 ) and Figure: Unemployment rates as a per centum of population during recession old ages refer. Figure: Unemployment rates as a per centum of population during recession old ages, ( Beginning: ONS, 2011 ) 4.3 Marmot ( 2010 ) , Elliott et Al. ( 2010 ) , Kondo et Al. ( 2008 ) , conclude the impact on wellness is straight related to social-class, which is important when you consider latest recession. Evidence shows that unemployment by and large rises and with that rise there is besides a rise in the mortality rates ( as a per centum of population ) with the exclusion of the latest recession ( ONS, 2011 ) . 4.4 A quick and soiled statistical reappraisal for the period 1973-2009 of % decrease in GDP, against the % unemployed suggests a tendency for social-class effected during recession see.Table: England and Wales – Population Total, Deaths, Mortality Rates, Unemployment Rates, against recession old ages. below. Table: England and Wales – Population Total, Deaths, Mortality Rates, Unemployment Rates, against recession old ages. 4.5 Using the 73/74 and 75 recessions as a benchmark and presuming the social-class affected by the recession contributed to the loss of GDP, it is apparent that the undermentioned recessions affected different social-classes accepting mean net incomes applies to social-class. 4.6 The 80/81 recession saw more people unemployed but less of an impact on GDP, which implies those unemployed contributed otherwise to GDP coevals proposing lower paid workers, lending less to the coevals of GDP were unemployed, this tendency is more apparent in the 90/91 recession. However, the 08/09 recession appears different the ratio of unemployed to the decrease in GPD is similar to that of the 73/74 and 75 recessions. 4.7 Vaitilingam ( 2009 ) suggested the 08/09 recession would impact the in-between category and given the important addition in loss of GDP in relation to the figure of unemployed is implicative of a more flush worker going unemployed. 4.8 In kernel the information suggest the greater the decrease in GDP relation to the rate of unemployment the different category affected by the recession. Therefore, in every instance other than the 08/09 recession the per centum of unemployed has been greater than the decrease in GDP. This suggests that lower category are proportionately more instantly affected by the Recession than higher categories. In the instance of the 08/09 recession, the decrease in GDP is greater than the rate of unemployment proposing a high socio economic category will be instantly affected by the recession, which is really unusual for the UK. How that manifest down the societal strata is yet to be observed. 5.0 Decision 5.1 It is widely accepted that hapless wellness affects lower social-classes more significantly and disproportionally and that it is evitable, ( Marmot, 2010 ; Bradby 2009 ) . Occupation entirely, as step of social-class in out dated and does non take history of the diverse societal stratification seen in modern society where position, income, chances, security, instruction, and liberty and control, vary well throughout occupational sets ( Bartley and Blane, 2009 ; Denny and Early, 2005 ) . 5.2 Marmot ( 2010 ) and Graham ( 2007 ) showed the less wealth, power and influence and the lower social-class the greater wellness inequality. This wellness in equality Graham ( 2007 ) , and Dahlgren and Whitehead ( 1991 ) claim is associated with hapless instruction, deficiency of occupation chance and hapless income chances. The behavioral, stuff, psychosocial and life class theoretical accounts, discussed by Bartley et al.. ( 2004 ) and Lockers ( 2008 ) â€Å" web of causing † by definition place the determiners of wellness are rooted in the societal, geographical, environmental, political, and material universe. 5.3 The clear premise by Elliott et Al ( 2009 ) and Marmot and Bell ( 2009 ) that recessions doing greater and more well longer enduring to those of lower socio-economic category is mostly without challenge. The effects of economic rebalancing on lower social-classes is less good understood, nor are the longer term effects of the downswing in the signifier of decreased public disbursement and accordingly a decrease in employment and societal services that are to a great extent relied upon. Does policy alteration better conditions for lower social-classes or does it amplify the effects of an already unequal system. 5.4 Gerdtham and Ruhm ( 2006 ) show there is grounds of displacements in mortality rates around recessions although the overall consequence of recession and unemployment on longer term mortality rates is less clear. If, as Marmot ( 2010 ) , Elliott et Al. ( 2010 ) , and Kondo et Al. ( 2008 ) , claim the impact on wellness is straight related to social-class, and if one can pull the decision that different social-classes suffer otherwise during recessions so Vaitilingam ( 2009 ) 08/09 middle-class recession should uncover, as the longer term effects of the downswing come to an terminal, that there is no noticeable addition in preventable unwellnesss and deceases amongst the most vulnerable. The consequence on the lower social-classes may non be as apparent this clip unit of ammunition albeit strictly by opportunity. How proud would Chadwick be of our advancement? Mentions ‘The Acheson Report ‘ ( 1998 ) Independent Inquiry into Inequalities in Health, HMSO. Bartley M and Blane D. 2008. ‘Inequality and social-class ‘ in Scambler, G. ( erectile dysfunction ) Sociology as Applied to Medicine ( 6th Edition ) London: Saunders pp 115-132. Bartley, M. Blane, D. Davey-Smith, G. 2004. The Sociology of Health Inequalities, Oxford: Basil Blackwell. Bradby, H. 2009. Medical sociology: an debut. London: Sage. Chadwick, E. 1843. Report on the healthful status of the laboring population of great Britain. London: Clowes and Sons. Black. D. 2008. Inequalities in wellness: study of a research working group. London: DHSS. Dahlgren, G. and Whitehead, M. 1991. Policies and Schemes to Promote Social Equity in Health. Stockholm: Institute for Futures Studies Engles, F. 1844. The status of the working category in England in 1844. Germany: publishing house terra incognita. Elliott E, Harrop E, Rothwell H, Shepherd M and Williams GH ( 2010 ) Working Paper 134: The Impact of the Economic Downturn on Health in Wales: A Review and Case Study, Cardiff School of Social Sciences, November ( 2010 ) . Denny, E. & A ; Earle, S. 2005. Sociology for nurses. Cambridge: Polity Press. Graham, H. ( 2007 ) Unequal Lives: Health and Socio-economic Inequalities, Buckingham: Open University Press. Gerdtham, U. G. and Ruhm, C. J. 2006. Deaths rise in good economic times: grounds from the OECD. Economics & A ; Human Biology 4 ( 3 ) , pp. 298aˆ?316. Kondo, N. Subramanian, S. Kawachi, I. Takeda, Y. and Yamagata, Z. ( 2008 ) Economic recession and wellness inequalities in Japan: analysis with a national sample, 1986aˆ?2001, Journal of Epidemiology and Community Health, 62, 869aˆ?875. Locker, ( 2008 ) ‘Inequality and social-class ‘ in Scambler, G. ( erectile dysfunction ) Sociology as Applied to Medicine ( 6th Edition ) London: Saunders pp 18-55. Marmot, M. and Bell, R. 2009. ‘How will the fiscal crisis affect wellness? ‘ British Medical Journal ; 338: b1314 Marmot M ( Chairman ) . Fair society, healthy lives – strategic reappraisal of wellness inequalities in England station 2010. London: The Marmot Review, 2010. Martikainen, P, Maki N & A ; Jantti M. ( 2007 ) The effects of unemployment on mortality following workplace retrenchment and workplace closing: a registeraˆ?based followaˆ?up survey of Finnish work forces and adult females during economic roar and recession. American Journal of Epidemiology 165 ( 9 ) , pp. 1070aˆ?1075. ONS, 2011. Statbase [ online ] . Available at: hypertext transfer protocol: //www.statistics.gov.uk/CCI/nscl.asp? ID=7433. Accessed: 31 March 2011. Ruhm, C. ( 2005 ) Comment: Mortality additions during economic upturns. International Journal of Epidemiology 34:1206aˆ?1211 Vaitilingam, R ( 2009 ) . Recession Britain: Findingss from Economic and Social Research. Economic and Social Research Council. Whitehead M. ( 1988 ) The wellness divide. In: Townsend P, Davidson N, Whitehead M, eds. Inequalities in wellness: the Black study and the wellness divide. Harmondsworth, UK: Penguin, 1988: pp215-356.

Why Chinas Cyber Espionage Is A Threat - 1822 Words

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