Economy in Early American Civilizations Maya, Aztecs and...

The economic systems of early American societies were very similar. One of these societies, the Mayans, lived in southern Mexico and northern Central America from the 3rd to the 10th century CE, and they relied on the trade of goods such as obsidian and crops such as cacao beans. Another American civilization was the Aztec civilization. They were located in the Valley of Mexico around the 13th to 16th century CE, and they used slash-and-burn farming to plant crops to trade. The Inca Empire existed from the 13th to the 16th century CE along the Pacific coast of South America near the Andes Mountains. The Inca used terrace farming and irrigation to grow crops such as corn. The economies of these early American civilizations were heavily†¦show more content†¦Maya economy and trade is still one of the more mysterious aspects of Maya life. Research into the area is very tricky, as the records left behind by the Maya themselves in terms of their trade are little. They mostly woul d document their wars and lives of their leaders much more completely than their trading patterns. The Mayan economy depended upon trading and centralized markets to sustain itself. They used canoes to transport goods across rivers and lakes. Cacao beans were used as currency, or traders bartered with each other to exchange goods. They traded food with societies close to them and nonperishable goods, such as obsidian, with societies farther from them. In Mayan society, agriculture was looked upon as a key part to the economy. The Mayans main crops that were grown were corn, beans, chili peppers, and squash. These crops were a very big priority for the Mayan settlement and economy for trading purposes. The Mayans also developed wonderful cities with larger community centers. These centers featured temples, pyramids, and palaces. These were good strategic central location which would enhance the economy. The Mayan economies wonderful trade and agricultural products all helped form a great base for the Mayan economy. Those aspects like agriculture and trading also immensely helpe d the Aztec civilization. Some major aspects of the Aztec civilizations were farming and trading. The Aztecs were hunters andShow MoreRelatedLatin Americ Latin American Cultures2513 Words   |  11 PagesTimothy Su Professor Patricio Navia Latin American Cultures, Sect. 001 20 October 2014 Latin American Cultures Midterm Section 1 – Question 1 Throughout the pre-Columbus era in Latin America, The Mayas, Aztecs, and Incas built unique civilizations, each with its own distinctive achievements, creating distinctive cultures to unite their individual societies. 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Essay Intel Corporation, 1968-1997 - 1123 Words

Intel Corporation, 1968-1997 Synopsis: This case traces the strategic decisions of Intel Corporation which defined its evolution from being a start-up developer of semiconductor memory chips in 1968 to being the industry leader of microprocessors in 1997 when it ranked amongst the top five American companies and had stock market valuation of USD 113 billion. Intel in DRAM business: The strategies employed by Intel for DRAM business focussed on: 1. Pushing the envelope of product design 2. Being first to market with newest devices 3. Premium pricing and skim marketing. No emphasis on mass production Initially, Intel had a successful run in this business as they: 1. Had no immediate competition 2. The demand for memory†¦show more content†¦Intel realized the advantage of partnering with IBM and initiated projects like â€Å"Crush† and â€Å"Checkmate† to counter Motorola to ensure microprocessor supremacy. With the success of securing IBM contract along with more wins, Intel was on set on track to ensure industry dominance. Exit from DRAMs Intel TMT had an emotional connect with the DRAMs business. Successful development of 1M DRAM was traded off for microprocessor development more on the behest of the middle line managers who developed the microprocessor technology over time with resources allocated for DRAM research. This was in line with Intel’s entrepreneurial culture which encouraged strategic planning through all functions. By 1986, Intel’s TMT officially approved middle managers’ pursuit to exit from the DRAM business and focus on the microprocessor. Intel as a Microprocessor company Intel began supplying microprocessor to IBM. To meet the demand, Intel licensed to as many as 12 other companies to produce 8086 chips, which left Intel with just 30% of the total revenues and profits for that product. Gradually, they reduced the number of licensee to only IBM. Thus they retained the â€Å"profits pool† within their value chain. Meanwhile, IBM, who was Intel’s star customer, decided to produce own proprietary components. This was an inflection point for Intel. It partnered with Compaq and Microsoft, to break the hegemony of IBM. Though Microsoft products did notShow MoreRelatedIntel Corporation: 1968 – 19971177 Words   |  5 PagesINTEL CORPORATION: 1968 – 1997 Synopsis: This case traces the strategic decisions of Intel Corporation which defined its evolution from being a start-up developer of semiconductor memory chips in 1968 to being the industry leader of microprocessors in 1997 when it ranked amongst the top five American companies and had stock market valuation of USD 113 billion. Intel in DRAM business: The strategies employed by Intel for DRAM business focussed on: 1. Pushing the envelope of product design Read MoreCase Preparation Questions734 Words   |  3 Pagessecond region? Intel Corporation: 1968-1997 1. 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Critically Examine the Trend and Size of Poverty in Hong Kong Free Essays

string(103) " special needs including school fees, school-related expenses, essential traveling expenses and so on\." No city in the world is as ironic and contradictory as Hong Kong. This city has not only the 6th highest per capita GDP, but also the highest Gini coefficient in the world (World Bank, 2011). Fortunately, the Hong Kong government isn’t turning a blind eye towards this dilemma but are instead actively looking for a trade-off between economic performance and social welfare. We will write a custom essay sample on Critically Examine the Trend and Size of Poverty in Hong Kong or any similar topic only for you Order Now One notable example is the re-establishment of the Commission on Poverty, it is hoped that a clearly-defined poverty line will shed a new light into the poverty situation in Hong Kong. Another important policy in recent years is the implementation of minimum wage law, which has been in effect for two years aiming to guarantee a basic wage for low-income workers, however its effect on overall employment level in Hong Kong is still to be determined. In this essay, I will first examine the overall trend and size of poverty in Hong Kong, then move on to assess the effectiveness of the present social security system, as well as the minimum wage in eradicating poverty in Hong Kong. Poverty, is an ambiguous term especially in Hong Kong. The United Nations places the benchmark for poverty as living under a monthly income less than or equal to half of the median household income of equal size households. This is the definition that the Commission on Poverty is likely to adopt. But before the launch of official poverty line people are considered poor only if they apply for Comprehensive Social Security Assistance (CSSA), which eligibility is largely determined by nominal income. As a result, the number of people applying for CSSA decreased after minimum wage law has been imposed. In this essay therefore, I will adopt the UN definition of poverty in examining its trend and size in Hong Kong. Poverty rate up to the year 2011 was the lowest since that of 2001. Before 2011, there had been an overall increasing trend in both the number of households living in poverty as well as the poverty rate. In this sense, 2011 can be seen as a watershed year; the poverty rate plummeted to 17. 1% when compared to 17. 9% in the previous year, which meant a reduction of 55000 people suffering from poverty. Additionally, the total number of poor households had been rising from 2001 to 2007, but this trend started to decline from then on. The total number of poor households in 2011 was 444,000, when compared with that of the years 2007 and 2010; there had been a reduction of 11,000 and 7000 households respectively. In spite of the declining poverty trend and size, income disparity in Hong Kong has been worsening. In the year 2001, the median monthly income of high-income group was $31,000 while that of low-income group was $10,000, which meant that the former was 3. 1 times that of the latter. However, this disparity continued to grow and in the year 2011, the median monthly income of the high-income group increased to $35,000, while that of the low-income group plunged to $9000, which meant that the high-income group had a monthly income 3. 5 times more than that of the low-income group. In brief, it is undeniable that the declining trend and size of poverty has been promising, but that was largely due to the thriving economy instead of governmental efforts, at the same time, the income gap has been widening despite the implementation of minimum wage law. These statistics all indicate that the current social policies are inadequate in eliminating the imminent threat of poverty. The social security system in Hong Kong is a three-tier system consisting of social assistance and social allowance in the form of Comprehensive Social Security Assistance and Old Age Allowance, mandated occupational pension in the form of Mandatory Provident Fund as well as private saving. In the remaining part of the essay, the effectiveness of the above social security policies in lifting poverty will be assessed one by one. The Comprehensive Social Security Assistance was renamed after the Public Assistance Scheme in 1993 has the sole purpose to provide â€Å"a safety net for those who cannot support themselves financially. It is designed to bring their income up to a prescribed level to meet their basic needs. † (Social Welfare Department, 2012) It is a non-contributory and means-tested scheme financed wholly by the government. CSSA payments can be broadly classified into three categories: standard rate, supplements and special grants. Standard Rates from 2012 is divided into 5 types: elderly person aged over 60 or above, ill health adult under 60, disabled child, able-bodied adult aged under 60 and able-bodied child. The amount of standard rates payable to each type differs, but they are under the same guiding principles; the standard rates for children and seniors are higher than those of the adults, rates for single individuals living alone are greater than those of family members, and rates will increase with levels of severity of disability. Tsoi, 2002) Additionally, there are five types of supplements. Long-term supplement is an annual payment to recipients who have been receiving assistance for at least 12 months for the replacement of household and durable goods. Single parent supplement is a monthly payment to single parent families with special difficulties in bringing up their families. Community living supplement is a monthly payment to old, disabled and certified ill-health CSSA recipients living in th e community instead of any institutions. Transport supplement aims to promote social integration and geographical mobility by providing monthly assistance to certified 100% disabled as well as population between 12 to 64 years of age. Last but not least, the intention of the residential care supplement is to relieve the accommodation burdens of old, disabled and certified ill-health CSSA applicants who are not living in subsidised housing estates. Besides, a range of special grants are also set up to meet applicants’ special needs including school fees, school-related expenses, essential traveling expenses and so on. You read "Critically Examine the Trend and Size of Poverty in Hong Kong" in category "Essay examples" Famous English philosopher Midgley once commented that redistributing wealth in the form of social assistance has the â€Å"most direct potential impact on the poverty problem. † She identified three necessary conditions in order to fully realize this potential, first, social assistance must be financial by progressive taxation, second, the level of benefit provided must be sufficient to raise recipients out of poverty and third, needy people must have easy access to social assistance schemes and that these schemes would not deter them from applying for help. Tsoi, 2002). With applies the above mentioned three principles to Hong Kong, it is worthy to highlight that Hong Kong only fulfilled the first condition out of the three. In the following paragraphs, the low effectiveness of the CSSA will be discussed with respect to its level of benefits, process of application as well as incentives for its recipients to reintegrate into the job market. The level of benefits by the stand ard rates of the CSSA cannot reflect the actual needs of its recipients, but are in fact set arbitrarily. At the oment, the standard rates of CSSA recipients are reviewed and adjusted annually by the Legislative Council to reflect the changes in Price Level by the Census and Statistics Department. The Consumption Price Index however, is a reference to the household expenditure of the 25% of the population with the lowest income. It is highly dubious as to whether the household expenditures of the poor households would be an authentic indicator and correspond to what they actually need to support their daily living. In addition, some CSSA recipients described the process of application as humiliating and intimidating. According to a joint project by the Department of Applied Social Sciences in Polytechnic University and Oxfam Hong Kong on Perception and Utilization of the CSSA in 2007, it was found that some recipients felt that their applications were always delayed and mishandled. Some applicants even accused the social security officers as having bad manners and lack empathy. These findings were found out after in-depth interviews and group discussion, although it is questionable as to the representativeness of the sample size, the critique to the â€Å"humiliating† application procedures must point to some bearing of truth that the CSSA recipients feel. Besides, some social workers in the study also complained that â€Å"some officers tend to insult and threaten the applicants by making unreasonable requests†. Going back to Midgley’s third condition in order to eradicate poverty which concerns the access to social security must not deter the needy from applying; the Social Services Department could clearly do a better job. Furthermore, there is always an unspoken concern that receiving CSSA would encourage a â€Å"dependency culture†, especially when the CSSA mechanisms do not encourage able-bodied recipients to attain economic independence. Contrary to common misconception that only able-bodied lazy people and new immigrants would apply for CSSA, most CSSA applicants, amounting to 60% (Oxfam, 2007) treat social security as the last resort to alleviate their dire financial circumstances. However, due to a lack of support services, only 8%-10% of able-bodied CSSA recipients are able to re-enter the competitive job market (Ming Pao Daily News, 2000) through the Special Job Attachment Programme. In addition, the additional cost for attempting to re-enter the job market may ut an extra toll on the families receiving CSSA, let alone some single parent’s families with insufficient child-care facilities may choose to keep on receiving welfare instead of working. In short, CSSA do not provide sufficient incentive for its recipients to re-join the work force, which is the only way to escape poverty. Another aspect of the social security system in Hong Kong is mandated occupational pension, which is in the form of Mandatory Provident Fund in Hong Kong. It is a compulsory, occupation-related scheme with defined monthly contribution by both employers and employees. The Mandatory Provident Fund Schemes Ordinance was passed in 2000 with the hope of strengthening the safety net and retirement protection. Contribution to the MPF is mandated to be 10% of the employee’s income with which 5% is contributed by his/her employer. Besides, the mandatory contribution is adjusted with relevance to employees’ income. After the implementation of minimum wage, the monthly relevant income is readjusted, for employees with monthly income less than $6500, only their employers are mandated to contribute 5% of relevant income, this becomes the minimum contribution. On the other hand, for employees with income higher than $25000, both employers and employees are required to contribute $1250, this becomes the maximum contribution. All MPF contributions will be injected into registered MPF trustee in the market chosen by the employers, but now, employees will be able to choose new MPF scheme annually based on their performance. In the following paragraphs, the limitations of the MPF scheme will be discussed including its limited coverage as well as inadequate retirement protection which undoubtedly hamper its effectiveness. As aforementioned, MPF is an employment-related protection scheme, which means that only people with long-term employment contract will receive retirement protection. The MPF only have limited coverage and do not have universal protection as people excluded from the workforce including the sick, the disabled, housewives, hawkers, domestic employees and so on are unprotected, this amount to quite a sizable portion in the population. Besides, the employers might try to evade from the mandated contributions by altering the terms of employment contract. Employers are legally bound to contribute to MPF for their employees if they are employed for more than 60 days, therefore, some employers may deliberately change the employment contract to 59 days or terminate the contract and re-employ the employees. In brief, the MPF scheme does not provided for universal protection in the sense that a significant portion of the population is left unprotected, let alone some canny employers attempt to alter the employment contract in order to avoid contributing to their employees’ retirement protection scheme. Furthermore, the predicament of the MPF Scheme is that despite its objective is to provide retirement protection and reinforce the safety net, the protection is in fact far from sufficient. MPF is a define-contribution scheme but it is not a defined-benefits scheme, which meant that employees’ contribution is contingent upon many factors including the duration of contribution, returns from investments by the trustees after deducing the high administrative and transaction costs incurred, as well as the amount of contribution. This led to the inevitable unpredictability of benefits which is neither guaranteed by the trustees nor protected by the government. Besides, the scheme was introduced only in 2000, which meant that people around retirement age at that time would receive either little or no protection at all due to the short contribution period. At the moment, elderly poverty was one of the severest forms of poverty in Hong Kong. In short, contrary to its initial intention, the MPF does not guarantee retirement protection, instead only added more uncertainties and unpredictability to lives after retirement. The statutory minimum wage was passed in 2010 and fully implemented Labour Day of 2011. It aims at â€Å"striking an appropriate balance between forestalling excessively low wages and minimising the loss of low-paid jobs while sustaining Hong Kong’s economic growth and competitiveness (Labour Department, 2011). The initial minimum wage rate was set at $28, but the commission set up by the government to review the minimum wage rate biannually has agreed to increase to $30 an hour. From a theoretical standpoint, setting up a wage floor would upset the balance of the labour market by forcing some low skill workers to be laid off. Nevertheless, the government estimated that 273800 grassroot workers would benefit from the law and could sustain a basic level of living by avoiding from being underpaid. After about two years since the law has passed, however, it seems that reports about employers trying to cut the fringe benefits of employees were not uncommon and the actual effect and repercussion of minimum wage on the labour market is yet to be unravelled. In the following essay, I will examine the implementation of minimum wage law with regard to its effectiveness in eradicating poverty in Hong Kong. In order to assess the effectiveness of minimum wage, the first indicator is changes in monthly income of the lower income groups when compared with higher income groups in the lower half year of 2011. If we divide the whole population equally into ten decile groups with the first decile group being the poorest 10% of the people and the tenth decile group being the wealthiest 10%, it was found that in the first three decile groups all experience increase in monthly income ranging from 6. 9% to 9. 3%, while the last three decile groups experience either no change or negative growth in their monthly income (HKCSS, 2011). However, looking at income alone would not be a comprehensive assessment of the effect of minimum wage law given that the economic began to boom around the time minimum wage was implemented. Therefore, a much more reliable assessment would be to compare the living standards of low income households before and after the minimum wage came into force. A study commissioned by Oxfam Hong Kong adopted a two-stage stratified surveys that interview impoverished households with at least one family member receiving minimum wage and compare their livelihood from March 2011 to January 2012. In the following paragraphs, findings from this study will be further analysed. In terms of monthly income, the minimum wage law has indeed increase the nominal household income. About 70% of interviewees, representing 131125 families reported an increase in household income after the introduction of minimum wage. Moreover, 72. 6% of them also reported a rise in individual workers’ income. In spite of an increase in monthly income and in fact, hourly income as well, working hours of workers decreased. The average hourly wage of respondents who stayed in the same job before and after implementation of minimum wage increased, 56. 8% of them even receive an hourly wage that exceeded $28. However, the same group of people who remain in the same job also experience an average cut of about 13. 9 working hours. This reduction of working hour is more often than not, at the expense of the workers’ benefit such as cancelling paid lunch hour or meal break and no overtime payment and so on. 46. % of respondents complained that the previously paid rest days were cancelled since the enforcement of minimum wage law. Taking into account of the loss of paid rest days as well as other fringe benefits, coupled with the reduction in working hours, over half of the respondents, 55. 8% of them experienced a drop in individual income despite the apparent increase in nominal monthly income. In the paragraph above concerning CSSA recipients, it was briefly mentioned that they treat social assistanc e as their last resort to mitigate their financial situation. In fact, most of them felt â€Å"perceivable prejudice† against them. The introduction of minimum wage has a wide application, but it affects most significantly low-income jobs that CSSA recipients crave. About half of the respondents receiving CSSA in the Oxfam study affirm the effectiveness of wage floor as an impetus to quit receiving social assistance. This in brief, could address the need of CSSA recipients to self-reliance and eliminate the stigmatization or label that they feel attached to them by re-entering the job market. Nonetheless, increase in income to a certain extent does not mean or signify poverty alleviation. The most pivotal finding in the Oxfam study is that it reveals 40. 5% of households still live in deprivation despite the minimum wage law. This is because they define â€Å"deprivation† as the inabilities to afford at least three items that are dubbed essential by most Hong Kong residents including dental check-ups, leisure activities, afford to go to private clinics when sick and tea house and so on. According to Townsend (1979), â€Å"a person is considered to be in poverty if he or she does not have enough resources to enable him or her to participate in normal activities commonly engaged by ordinary members in the community and therefore cannot become fully integrated into the mainstream of society. † Therefore, when 40. 5% of respondents, representing 531354 households are still deprived of a chance to engage in social activities simply due to the fact that they still could not afford the items they need highlighted just how ineffective minimum wage legislation has been in eradicating poverty. In conclusion, lifting people out of poverty is a difficult problem that could not be solved by any social policy alone, let alone the many flaws and limitations that are embedded in social policies. However, it is only through identifying the imperfection in social welfare policies could we make improvement on them and hopefully attain the final goal of eradicating poverty at the end. Reference list: Hong Kong Council of Social Service, The Statistic review of the Low Income Household in Hong Kong, 2011. w. hkcss. org. hk/index_e. asp Labour Department (2011). Statutory Minimum Wage: Reference Guidelines for Employers and Employees. Legislative Council (2012). Before and After the Statutory Minimum Wage Ordinance in Hong Kong: Survey of Low-income workers and their Families. Oxfam Hong Kong and Centre for Social Policy Studies, Department of Applied Social Sciences, Hong Kong Polytechnic University (2007). Perception and Utilization of CSSA: a Study on the Views of the Public and th e Lower Income people. Social Welfare Department (2012), Comprehensive Social Assistance Scheme, retrieved from: http://www. swd. gov. hk/en/index/site_pubsvc/page_socsecu/sub_comprehens/ Tsoi Kcon-wah , â€Å"Poverty Eradication and Social Security in Hong kong†, in Advances in Social welfare in Hong Kong, ed. ,) by D. T. L. Shek, 2002, Chapter 9. World Bank (2011), Gini Index, retrieved from: http://data. worldbank. org/indicator/SI. POV. GINI How to cite Critically Examine the Trend and Size of Poverty in Hong Kong, Essay examples

Critically Examine the Trend and Size of Poverty in Hong Kong Free Essays

string(103) " special needs including school fees, school-related expenses, essential traveling expenses and so on\." No city in the world is as ironic and contradictory as Hong Kong. This city has not only the 6th highest per capita GDP, but also the highest Gini coefficient in the world (World Bank, 2011). Fortunately, the Hong Kong government isn’t turning a blind eye towards this dilemma but are instead actively looking for a trade-off between economic performance and social welfare. We will write a custom essay sample on Critically Examine the Trend and Size of Poverty in Hong Kong or any similar topic only for you Order Now One notable example is the re-establishment of the Commission on Poverty, it is hoped that a clearly-defined poverty line will shed a new light into the poverty situation in Hong Kong. Another important policy in recent years is the implementation of minimum wage law, which has been in effect for two years aiming to guarantee a basic wage for low-income workers, however its effect on overall employment level in Hong Kong is still to be determined. In this essay, I will first examine the overall trend and size of poverty in Hong Kong, then move on to assess the effectiveness of the present social security system, as well as the minimum wage in eradicating poverty in Hong Kong. Poverty, is an ambiguous term especially in Hong Kong. The United Nations places the benchmark for poverty as living under a monthly income less than or equal to half of the median household income of equal size households. This is the definition that the Commission on Poverty is likely to adopt. But before the launch of official poverty line people are considered poor only if they apply for Comprehensive Social Security Assistance (CSSA), which eligibility is largely determined by nominal income. As a result, the number of people applying for CSSA decreased after minimum wage law has been imposed. In this essay therefore, I will adopt the UN definition of poverty in examining its trend and size in Hong Kong. Poverty rate up to the year 2011 was the lowest since that of 2001. Before 2011, there had been an overall increasing trend in both the number of households living in poverty as well as the poverty rate. In this sense, 2011 can be seen as a watershed year; the poverty rate plummeted to 17. 1% when compared to 17. 9% in the previous year, which meant a reduction of 55000 people suffering from poverty. Additionally, the total number of poor households had been rising from 2001 to 2007, but this trend started to decline from then on. The total number of poor households in 2011 was 444,000, when compared with that of the years 2007 and 2010; there had been a reduction of 11,000 and 7000 households respectively. In spite of the declining poverty trend and size, income disparity in Hong Kong has been worsening. In the year 2001, the median monthly income of high-income group was $31,000 while that of low-income group was $10,000, which meant that the former was 3. 1 times that of the latter. However, this disparity continued to grow and in the year 2011, the median monthly income of the high-income group increased to $35,000, while that of the low-income group plunged to $9000, which meant that the high-income group had a monthly income 3. 5 times more than that of the low-income group. In brief, it is undeniable that the declining trend and size of poverty has been promising, but that was largely due to the thriving economy instead of governmental efforts, at the same time, the income gap has been widening despite the implementation of minimum wage law. These statistics all indicate that the current social policies are inadequate in eliminating the imminent threat of poverty. The social security system in Hong Kong is a three-tier system consisting of social assistance and social allowance in the form of Comprehensive Social Security Assistance and Old Age Allowance, mandated occupational pension in the form of Mandatory Provident Fund as well as private saving. In the remaining part of the essay, the effectiveness of the above social security policies in lifting poverty will be assessed one by one. The Comprehensive Social Security Assistance was renamed after the Public Assistance Scheme in 1993 has the sole purpose to provide â€Å"a safety net for those who cannot support themselves financially. It is designed to bring their income up to a prescribed level to meet their basic needs. † (Social Welfare Department, 2012) It is a non-contributory and means-tested scheme financed wholly by the government. CSSA payments can be broadly classified into three categories: standard rate, supplements and special grants. Standard Rates from 2012 is divided into 5 types: elderly person aged over 60 or above, ill health adult under 60, disabled child, able-bodied adult aged under 60 and able-bodied child. The amount of standard rates payable to each type differs, but they are under the same guiding principles; the standard rates for children and seniors are higher than those of the adults, rates for single individuals living alone are greater than those of family members, and rates will increase with levels of severity of disability. Tsoi, 2002) Additionally, there are five types of supplements. Long-term supplement is an annual payment to recipients who have been receiving assistance for at least 12 months for the replacement of household and durable goods. Single parent supplement is a monthly payment to single parent families with special difficulties in bringing up their families. Community living supplement is a monthly payment to old, disabled and certified ill-health CSSA recipients living in th e community instead of any institutions. Transport supplement aims to promote social integration and geographical mobility by providing monthly assistance to certified 100% disabled as well as population between 12 to 64 years of age. Last but not least, the intention of the residential care supplement is to relieve the accommodation burdens of old, disabled and certified ill-health CSSA applicants who are not living in subsidised housing estates. Besides, a range of special grants are also set up to meet applicants’ special needs including school fees, school-related expenses, essential traveling expenses and so on. You read "Critically Examine the Trend and Size of Poverty in Hong Kong" in category "Essay examples" Famous English philosopher Midgley once commented that redistributing wealth in the form of social assistance has the â€Å"most direct potential impact on the poverty problem. † She identified three necessary conditions in order to fully realize this potential, first, social assistance must be financial by progressive taxation, second, the level of benefit provided must be sufficient to raise recipients out of poverty and third, needy people must have easy access to social assistance schemes and that these schemes would not deter them from applying for help. Tsoi, 2002). With applies the above mentioned three principles to Hong Kong, it is worthy to highlight that Hong Kong only fulfilled the first condition out of the three. In the following paragraphs, the low effectiveness of the CSSA will be discussed with respect to its level of benefits, process of application as well as incentives for its recipients to reintegrate into the job market. The level of benefits by the stand ard rates of the CSSA cannot reflect the actual needs of its recipients, but are in fact set arbitrarily. At the oment, the standard rates of CSSA recipients are reviewed and adjusted annually by the Legislative Council to reflect the changes in Price Level by the Census and Statistics Department. The Consumption Price Index however, is a reference to the household expenditure of the 25% of the population with the lowest income. It is highly dubious as to whether the household expenditures of the poor households would be an authentic indicator and correspond to what they actually need to support their daily living. In addition, some CSSA recipients described the process of application as humiliating and intimidating. According to a joint project by the Department of Applied Social Sciences in Polytechnic University and Oxfam Hong Kong on Perception and Utilization of the CSSA in 2007, it was found that some recipients felt that their applications were always delayed and mishandled. Some applicants even accused the social security officers as having bad manners and lack empathy. These findings were found out after in-depth interviews and group discussion, although it is questionable as to the representativeness of the sample size, the critique to the â€Å"humiliating† application procedures must point to some bearing of truth that the CSSA recipients feel. Besides, some social workers in the study also complained that â€Å"some officers tend to insult and threaten the applicants by making unreasonable requests†. Going back to Midgley’s third condition in order to eradicate poverty which concerns the access to social security must not deter the needy from applying; the Social Services Department could clearly do a better job. Furthermore, there is always an unspoken concern that receiving CSSA would encourage a â€Å"dependency culture†, especially when the CSSA mechanisms do not encourage able-bodied recipients to attain economic independence. Contrary to common misconception that only able-bodied lazy people and new immigrants would apply for CSSA, most CSSA applicants, amounting to 60% (Oxfam, 2007) treat social security as the last resort to alleviate their dire financial circumstances. However, due to a lack of support services, only 8%-10% of able-bodied CSSA recipients are able to re-enter the competitive job market (Ming Pao Daily News, 2000) through the Special Job Attachment Programme. In addition, the additional cost for attempting to re-enter the job market may ut an extra toll on the families receiving CSSA, let alone some single parent’s families with insufficient child-care facilities may choose to keep on receiving welfare instead of working. In short, CSSA do not provide sufficient incentive for its recipients to re-join the work force, which is the only way to escape poverty. Another aspect of the social security system in Hong Kong is mandated occupational pension, which is in the form of Mandatory Provident Fund in Hong Kong. It is a compulsory, occupation-related scheme with defined monthly contribution by both employers and employees. The Mandatory Provident Fund Schemes Ordinance was passed in 2000 with the hope of strengthening the safety net and retirement protection. Contribution to the MPF is mandated to be 10% of the employee’s income with which 5% is contributed by his/her employer. Besides, the mandatory contribution is adjusted with relevance to employees’ income. After the implementation of minimum wage, the monthly relevant income is readjusted, for employees with monthly income less than $6500, only their employers are mandated to contribute 5% of relevant income, this becomes the minimum contribution. On the other hand, for employees with income higher than $25000, both employers and employees are required to contribute $1250, this becomes the maximum contribution. All MPF contributions will be injected into registered MPF trustee in the market chosen by the employers, but now, employees will be able to choose new MPF scheme annually based on their performance. In the following paragraphs, the limitations of the MPF scheme will be discussed including its limited coverage as well as inadequate retirement protection which undoubtedly hamper its effectiveness. As aforementioned, MPF is an employment-related protection scheme, which means that only people with long-term employment contract will receive retirement protection. The MPF only have limited coverage and do not have universal protection as people excluded from the workforce including the sick, the disabled, housewives, hawkers, domestic employees and so on are unprotected, this amount to quite a sizable portion in the population. Besides, the employers might try to evade from the mandated contributions by altering the terms of employment contract. Employers are legally bound to contribute to MPF for their employees if they are employed for more than 60 days, therefore, some employers may deliberately change the employment contract to 59 days or terminate the contract and re-employ the employees. In brief, the MPF scheme does not provided for universal protection in the sense that a significant portion of the population is left unprotected, let alone some canny employers attempt to alter the employment contract in order to avoid contributing to their employees’ retirement protection scheme. Furthermore, the predicament of the MPF Scheme is that despite its objective is to provide retirement protection and reinforce the safety net, the protection is in fact far from sufficient. MPF is a define-contribution scheme but it is not a defined-benefits scheme, which meant that employees’ contribution is contingent upon many factors including the duration of contribution, returns from investments by the trustees after deducing the high administrative and transaction costs incurred, as well as the amount of contribution. This led to the inevitable unpredictability of benefits which is neither guaranteed by the trustees nor protected by the government. Besides, the scheme was introduced only in 2000, which meant that people around retirement age at that time would receive either little or no protection at all due to the short contribution period. At the moment, elderly poverty was one of the severest forms of poverty in Hong Kong. In short, contrary to its initial intention, the MPF does not guarantee retirement protection, instead only added more uncertainties and unpredictability to lives after retirement. The statutory minimum wage was passed in 2010 and fully implemented Labour Day of 2011. It aims at â€Å"striking an appropriate balance between forestalling excessively low wages and minimising the loss of low-paid jobs while sustaining Hong Kong’s economic growth and competitiveness (Labour Department, 2011). The initial minimum wage rate was set at $28, but the commission set up by the government to review the minimum wage rate biannually has agreed to increase to $30 an hour. From a theoretical standpoint, setting up a wage floor would upset the balance of the labour market by forcing some low skill workers to be laid off. Nevertheless, the government estimated that 273800 grassroot workers would benefit from the law and could sustain a basic level of living by avoiding from being underpaid. After about two years since the law has passed, however, it seems that reports about employers trying to cut the fringe benefits of employees were not uncommon and the actual effect and repercussion of minimum wage on the labour market is yet to be unravelled. In the following essay, I will examine the implementation of minimum wage law with regard to its effectiveness in eradicating poverty in Hong Kong. In order to assess the effectiveness of minimum wage, the first indicator is changes in monthly income of the lower income groups when compared with higher income groups in the lower half year of 2011. If we divide the whole population equally into ten decile groups with the first decile group being the poorest 10% of the people and the tenth decile group being the wealthiest 10%, it was found that in the first three decile groups all experience increase in monthly income ranging from 6. 9% to 9. 3%, while the last three decile groups experience either no change or negative growth in their monthly income (HKCSS, 2011). However, looking at income alone would not be a comprehensive assessment of the effect of minimum wage law given that the economic began to boom around the time minimum wage was implemented. Therefore, a much more reliable assessment would be to compare the living standards of low income households before and after the minimum wage came into force. A study commissioned by Oxfam Hong Kong adopted a two-stage stratified surveys that interview impoverished households with at least one family member receiving minimum wage and compare their livelihood from March 2011 to January 2012. In the following paragraphs, findings from this study will be further analysed. In terms of monthly income, the minimum wage law has indeed increase the nominal household income. About 70% of interviewees, representing 131125 families reported an increase in household income after the introduction of minimum wage. Moreover, 72. 6% of them also reported a rise in individual workers’ income. In spite of an increase in monthly income and in fact, hourly income as well, working hours of workers decreased. The average hourly wage of respondents who stayed in the same job before and after implementation of minimum wage increased, 56. 8% of them even receive an hourly wage that exceeded $28. However, the same group of people who remain in the same job also experience an average cut of about 13. 9 working hours. This reduction of working hour is more often than not, at the expense of the workers’ benefit such as cancelling paid lunch hour or meal break and no overtime payment and so on. 46. % of respondents complained that the previously paid rest days were cancelled since the enforcement of minimum wage law. Taking into account of the loss of paid rest days as well as other fringe benefits, coupled with the reduction in working hours, over half of the respondents, 55. 8% of them experienced a drop in individual income despite the apparent increase in nominal monthly income. In the paragraph above concerning CSSA recipients, it was briefly mentioned that they treat social assistanc e as their last resort to mitigate their financial situation. In fact, most of them felt â€Å"perceivable prejudice† against them. The introduction of minimum wage has a wide application, but it affects most significantly low-income jobs that CSSA recipients crave. About half of the respondents receiving CSSA in the Oxfam study affirm the effectiveness of wage floor as an impetus to quit receiving social assistance. This in brief, could address the need of CSSA recipients to self-reliance and eliminate the stigmatization or label that they feel attached to them by re-entering the job market. Nonetheless, increase in income to a certain extent does not mean or signify poverty alleviation. The most pivotal finding in the Oxfam study is that it reveals 40. 5% of households still live in deprivation despite the minimum wage law. This is because they define â€Å"deprivation† as the inabilities to afford at least three items that are dubbed essential by most Hong Kong residents including dental check-ups, leisure activities, afford to go to private clinics when sick and tea house and so on. According to Townsend (1979), â€Å"a person is considered to be in poverty if he or she does not have enough resources to enable him or her to participate in normal activities commonly engaged by ordinary members in the community and therefore cannot become fully integrated into the mainstream of society. † Therefore, when 40. 5% of respondents, representing 531354 households are still deprived of a chance to engage in social activities simply due to the fact that they still could not afford the items they need highlighted just how ineffective minimum wage legislation has been in eradicating poverty. In conclusion, lifting people out of poverty is a difficult problem that could not be solved by any social policy alone, let alone the many flaws and limitations that are embedded in social policies. However, it is only through identifying the imperfection in social welfare policies could we make improvement on them and hopefully attain the final goal of eradicating poverty at the end. Reference list: Hong Kong Council of Social Service, The Statistic review of the Low Income Household in Hong Kong, 2011. w. hkcss. org. hk/index_e. asp Labour Department (2011). Statutory Minimum Wage: Reference Guidelines for Employers and Employees. Legislative Council (2012). Before and After the Statutory Minimum Wage Ordinance in Hong Kong: Survey of Low-income workers and their Families. Oxfam Hong Kong and Centre for Social Policy Studies, Department of Applied Social Sciences, Hong Kong Polytechnic University (2007). Perception and Utilization of CSSA: a Study on the Views of the Public and th e Lower Income people. Social Welfare Department (2012), Comprehensive Social Assistance Scheme, retrieved from: http://www. swd. gov. hk/en/index/site_pubsvc/page_socsecu/sub_comprehens/ Tsoi Kcon-wah , â€Å"Poverty Eradication and Social Security in Hong kong†, in Advances in Social welfare in Hong Kong, ed. ,) by D. T. L. Shek, 2002, Chapter 9. World Bank (2011), Gini Index, retrieved from: http://data. worldbank. org/indicator/SI. POV. GINI How to cite Critically Examine the Trend and Size of Poverty in Hong Kong, Essay examples

Unclaimed Personal And Vested Property Act â€Myassignmenthelp.Com

Question: Discuss About The Unclaimed Personal And Vested Property Act? Answer: Introduction The ownership of both tangible and non-tangible property is one of the main reasons for the disputes among individuals. The progress of time has seen the upgrading of various rules and regulations for helping and rendering justice to such disputes and cases (Anderson Huggins, 2013). Several disputes arise due to the claiming of missing property, lost and found. Some disputes also arise due to the attempt to injure others financially by means of false promises. The means to solve these issues is through thorough investigation and taking reference from the respective issued laws (Hart Green, 2012). This report deals with two case studies, one being the ownership of a lost property, the other being a case of mutual contract breach. It further deals with the legal convulsions that might arise in case of the instances. The advocacy has been done from both parties in case of the second case study. The purpose of this report is to investigate into the case studies and provide the legal implications that might arise and the possible solutions. In this case study, Bonzi found a necklace while staying in a hotel that is owned by Alpha Corp. Now the question arises about the legal ownership of the necklace. This case falls under the Canadian Property Law Act that governs regarding the rightful ownership and tenancy of private property. Since the owner did not leave the possession intentionally, the possession has been misplaced. The property being tangible in nature and found by someone else, Bonzi cannot keep the property despite being the finder, under the Canadian Law of finders and keepers, since the law states that a finder can only keep the property if it is found in nature. Exception being that the property is not found in some elses land (Bowal Kuzma, 2014).. Supposedly, if Bonzi does not inform about the found necklace, it can be classified under the Canadian Penal Code for an Act of Theft, since Bonzi is only the finder and not the owner. Since necklace was found in the hotel premise owned by Alpha Corp, it is necessary to hand over the property to the hotel authorities under the Canadian Act of Unclaimed property, until and unless the original owner shows up to claim the necklace (Bridge, 2015). In case the original owner shows up to claim the property, he/she is liable to show valid proof in order to claim the property under the Canadian law of Unclaimed Personal Property and Vested Property Act, Section 47. Given that the owner of the lost necklace is oblivious, yet under the Canadian law of Unclaimed Property Act part 3, the holder of the lost property has to make possible contact with the viable owner within a time limit of 6 months. Despite efforts to contact with the possible owner, if the property is not claimed within 12 months, the property is declared as Unclaimed under the Canadian law of Unclaimed Property Act. The property can treated as an income of the holder if it is not claimed within the time span of custody or the law prevents the holder from treating the property as a income or bounty. In the other way around, the necklace can be handed over to the federal authorities for thorough investigation regarding the ownership of the necklace. It would be helpful regarding finding the rightful owner of the necklace, in case the owner turns up to the federal authorities for the retrieval of the lost necklace. The second case deals with two companies producing the same kind of goods had a mutual understanding to share the profit of the business. The director of sales of MC Electric Inc, Dortmund made a mutual understanding with GB Circuits Co. another supplier, to share the profit with GB circuits since GB circuits failed to fulfill the complete tender order of A-Tel, a telephone producing company. The claim of compensation cannot be made on the ground that GB Circuits have shared the offer with MC Electric Inc and successfully allowing them to bid for the rest of the order. As per the case study, if MC does not wish to share the profit quota, GB can file against Dortmund under Canadian Tort Act for making false claims of sharing profit with GB Circuits (Wright, 2017). GB Circuits cannot file any case under Canadian Contract Law against MC Electric Inc for refusing to pay the profit since no official contract was signed on behalf of MC Electric Inc (Bix Bix, 2012). In case, Dortmund refuses the entire mutual agreement, the directors of MC Electric Inc cannot file against Dortmund under breach of contract with company for implying unfair means to achieve target. Since the agreement was made verbally and not contractually, the chance of getting the promised amount by GB Circuits is quite difficult (Fried, 2015). This due to fact that the tender applied by MC on behalf of GB Circuits incomplete tender must have been made legally and not verbally (Cartwright, 2016). The mere cause of allowing to bid is not a strong ground to claim the profit and MC Electric Inc is also not liable to pay since it made the profit on legal basis. The only ground Dortmund can be sued by GB Circuits is to file against him, under Canadian Tort Act for trying to financially injure GB Circuits. In the process, if Dortmund is found guilty, he can probably be charged under the Canadian Contract Act by MC Electric Inc for breaching of contract and made to compensate the amount on his own terms and not out of the companys profits. Conclusion The report concludes the two case studies where in the first case, the finder cannot keep the necklace since the finder finds it on another land apart nature, under the Canadian Act of Finders and Keeper as unless it is to be kept a secret and it falls under the Canadian law for an Act of theft. The hotel authorities is the rightful holder can only hold the property until and unless the rightful owner is informed or comes to claim with adequate proof under the Canadian Law of Unclaimed Personal Property Act. In the second case, the Sales president of MC Electric Inc can be filed against by the other competitor company GB Circuits for wrongfully making false claims to share profit with it, without the knowledge of his own company. He can be filed under the Canadian Tort Act and if he is proven guilty, he can be probably charged under Canadian Contract Act for using unfair means to generate revenue. Reference Anderson, T. L., Huggins, L. E. (2013).Property rights: A practical guide to freedom and prosperity. Hoover press. Bix, B., Bix, B. H. (2012).Contract law: rules, theory, and context. Cambridge University Press. Bowal, P., Kuzma, D. (2014). All is Not Lost: The Law of Lost and Found. Bridge, M. (2015).Personal property law. OUP Oxford. Cartwright, J. (2016).Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing. Fried, C. (2015).Contract as promise: A theory of contractual obligation. Oxford University Press, USA. Hart, H. L. A., Green, L. (2012).The concept of law. Oxford University Press. Wright, J. (2017).Tort law and human rights. Bloomsbury Publishing.