Virtual Teams as an Important Part of Global Corporations

Global corporations are entities legalized to run their businesses which offer or deliver their products or services in more than one country. In order to ensure effective coordination of business in these corporations, virtual teams are formed.Advertising We will write a custom research paper sample on Virtual Teams as an Important Part of Global Corporations specifically for you for only $16.05 $11/page Learn More Virtual teams refer to a group of persons, who come together to form a team and members are distributed geographically and they are required to work together using electronic means of communication (Alberto, 2003). These teams rarely meet face to face. Virtual teams are of three kinds; software, product or banking teams which are differentiated by their geographical location, functions or cultural boundaries (Alberto, 2003). While a corporation is setting up a virtual team, it should consider the following factors; time zones, culture diversi ty, communication, trust and leadership. These factors determine the quality of coordination by teams and if not well managed they can be issues. In this paper, we examine these issues (factors) which virtual teams of different global corporations face. One of the major issues facing Virtual teams is Time zones and are calculated using Greenwich Mean Time (GMT) mostly, by either adding or subtracting hours. Different areas experience different time zones, although some countries may be geographically far apart from each other but experience the same time zone, for example San Juan and Montreal. Time zones pose a big challenge to virtual teams, especially if team members are working in different time zones, for example one team member in New York and another in London, working on the same to deliver a product or service at a given time (Allison, 1990). Due to time difference one team may be unavailable when problems arise at a one given time, which could lead to mistrust between team s. This is because only one team would be working to resolve the problems which crop up at that given time. Such a scenario can repeat itself and the result is that one group could always be left out in activities involving solving of problems, hence create a feeling of marginalization. This pattern can lead to conflicts whose main cause is difference in time zones (Allison, 1990). Such conflicts can lower the effectiveness in performance of virtual teams.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In order to solve such a conflict, the leadership should ensure that external time zone differences are well measured and their impacts observed. This would ensure that no team is left out in solving of problems due to unavailability caused by overlapping time zones (Espinosa). Another issue that affects virtual teams is that of diversified cultures which emerges as a result of diff erent nationalities. It has both positive and negative impacts on the performance of teams. Culture diversity includes; different individualism values, languages, nationalities and country of origin or birth. When skills, perspectives and talents of different teams from different backgrounds are combined can produce excellent results (Sandy, 2006). Diversity produces a great value as a result of increased flexibility, creativity and innovation. Diversified experiences and perspectives enhance the ideas and information collected by a team and as a result great outcomes are achieved inform of networking and resources to the corporation (Sandy, 2006). Diversity or culture has negative impacts on a virtual team. These negative include difficulty in communication, lack of cohesion or togetherness, misunderstandings and conflicts. Creation of sub groups in and out of a given culture leads to misunderstandings and conflicts in different cultures. Such sub groups comprise of people of the s ame culture, which means interaction with other cultures is closed out (Alberto, 2003). Such groupings lead to decrease in interpersonal and communication skills amongst teams which in turn lower performance of teams and level of satisfaction. These groups also lead to high turnover as a result of less attraction amongst team members. In and out groups also lead to poor communication which can result to less cohesion and social togetherness or integration. As a result diversity leads to poor performance of a team (Sandy, 2006).Advertising We will write a custom research paper sample on Virtual Teams as an Important Part of Global Corporations specifically for you for only $16.05 $11/page Learn More In order to ensure healthy relationships amongst team members, the leadership should make a wise decision on the mode of communication to be used. Use of media communication, electronic tools of chatting and telephone conference is some of the modes which red uce diversity differences and groupings (Allan, 2003). The reason is that it reduces face to face conversation which in turn increases cohesiveness, social integration and reduced conflicts which in turn enhance performance and satisfaction (Sandy, 2006). Communication and language issues are also an important factor in enhancing performance a virtual team. Effectiveness of a virtual team depends on the quality of its communication. Media communication and texting are the most used forms of communication but their effectiveness can not be compared to that of face to face communication (Sirka et al, 1999). This is because texts lately have many symbols, shortcuts and pictures which pass given information. Failure to understand such aspects may lead to lack of communication. Communication impacts the effectiveness and performance of virtual teams both positively and negatively. On a positive note, communication in a team ensures fulfillment of goals and performance of duties. It is al so an important factor in ensuring strong bonds of cohesion and reduced conflicts through commitment, loyalty and participation by all team members. Communication helps a team to understand the task it is performing and at the same time encourage exchange of ideas (Sirka et al, 1999). Effective communication ensures the well being of a group by promoting healthy relationships and interaction amongst team members. Lack of effective communication can lead to deterioration in performance and effectiveness of a team. Ineffectiveness in communication can be as a result of language barrier, culture or diversity, unclear messaging and distortions.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This can lead to conflicts, lack of coordination, reduced competitive advantage and success and friction in a team (Thompson, 2011). Language barrier can be as a result of different cultures and nationalities. Language barrier leads to polarization of ideas, mistrust, division in the team and suspicions. To ensure effective communication rare face to face gatherings can reduce some of the challenges of communication in future. Use of code of conduct is used to ensure total functionality of individual members and reduced delays. To ensure effective encoding and decoding of messages, members are discouraged to use non-text forms of communication like emotional icons, jargons or picture messages. In order to reduce language barrier, a common language is used, mostly English (Sirka et al, 1999). Also use of gestures and interpreters as well as translators can enhance communication. Trust is an essential aspect in a virtual team and its main aim to make the team work. Trust in a team ens ures that there is increased security and confidence in a team, promotes openness and effective exchange of information. Trust also brings team members together despite the physical distance between them. In his study Sirka, refers â€Å"trust as the glue of the global workspace† (29-64). Trust also enhances sense on moral duty which increases willingness of team members to assist one another because they feel obliged to. Mistrust in a team may lead to conflicts which in turn will reduce the performance of a team. Mistrust hinders the ability of a group to explore its full potential, deteriorated interpersonal communication and decreased sense of reliability (Sirka et al, 1998). Incase mistrust occurs, the team is advised to be involved in team building and solve problems together. Team building usually helps in assessment of each member’s ability, motivation and successes. Solving problems together will enhance commitment of an individual member to work. Also involvin g the team in occasional face to face gatherings clears mistrust which may have come up (Sirka et al, 1999). Another very important issue facing virtual teams is that of leadership. Leadership can be challenging considering that a leader should oversee and coordinate activities of different teams globally. To ensure good performance of a team, the leader should be able to motivate team members, encouraging member to be disciplined and organize social activities which promote face to face interaction, trust and communication (Timothy, 2002). Effective leadership should prepare team members for different situations that may occur in the group. A leader should be able to recognize contributions of all members regardless of the magnitude. A leader should be a mentor and law enforcer. Due to physical limitation, a leader may not be in a position to observe team members physically. This calls for creativity in leadership to ensure a virtual observation of members (Amabile, 1997). Ineffect iveness n leadership may lead to mistrust and poor performance. Leaders need to be trained in order to acquire the skills required in leadership (Malhotra, 2007). In conclusion, virtual teams form an important part of global corporations. All these factors (discussed) need to be considered and carefully implemented to ensure that virtual team does not fail in its duties (Amabile, 1997). All the issues discussed impact the performance of a team which in turn affects the competitive advantage and success of a corporation. References Alberto, J. (2003). Team Boundary Issues across Multiple Global Firms. Journal of  Management Information Systems, 19 (4), 157-190. Allan, J. and Anne, W. (2003). Language management in multinational companies.  Cross Cultural Management, 10 (2), 37. Allison, S. (1990). Social decision heuristics and the use of shared resources. Journal of  Behavioral Decision Making, 3, 195-204. Amabile T. (1997).Motivating creativity in organizations: On doing what you love and loving what you do. California Management Review, 40 (1), 39-58. Malhotra, A. and Majchrzak, A. and Rosen, B. (2007). Leading virtual teams. The  Academy of Management Perspectives ARCHIVE, 21 (1), 60-69. Sandy, D. (2006). Group decision and negotiation. The Effects of Cultural Diversity in  Virtual Teams versus Face-to-Face Teams, 15, 389-406. Sirka, L. and Kathleen, K. and Dorothy, E. (1998). Antecedents of trust in global virtual teams. Journal of Management Information Systems, 14 (4), 29-64 Sirka, L. and Kathleen, K. and Dorothy, E. (1999). Communication and trust in global Virtual teams. Special issue: communication Processes for Virtual Organizations,  10 (6), 791-815. Thompson, L. (2011). Making the team: A guide for managers.Northwestern University: Prentice Hall. Timothy, R. and Dorothy, E. (2002). Leadership effectiveness in global virtual teams.  Journal of Management Information Systems, 18 (3), 7-40. This research paper on Virtual Teams as an Important Part of Global Corporations was written and submitted by user Hadley Hendricks to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

All About Americas Gilded Age

All About Americas Gilded Age The Gilded Age. The name, popularized by American author Mark Twain, conjures images of gold and jewels, lavish palaces, and wealth beyond imagination. And indeed, during the period we know as the Gilded Age - the late 1800s to the 1920s - American business leaders amassed huge fortunes, creating a suddenly-rich baron class with a fondness for ostentatious displays of newfound wealth. Millionaires built palatial and often gaudy homes in New York City and summer cottages on Long Island and in Newport, Rhode Island. Before long, even refined families like the Astors, who had been wealthy for generations, joined in the whirlwind of architectural excesses. In large cities and then in upscale resort communities, noted established architects like Stanford White and Richard Morris Hunt were designing enormous homes and elegant hotels that mimicked the castles and palaces of Europe. Renaissance, Romanesque, and Rococo styles merged with the opulent European style known as Beaux Arts. The Gilded Age of architecture usually refers to the opulent mansions of the super-wealthy in the United States. The well-to-do built elaborate second homes in the suburbs or in rural settings while at the same time many more people were living in urban tenements and the decaying farmlands of America. Twain was being ironic and satiric in naming this period of American history. Americas Gilded Age The Gilded Age is a time period, an era in history with no specific beginning or end. Families had accumulated wealth from generation to generation - profits from the Industrial Revolution, the building of the railroads, urbanization, the rise of Wall Street and the banking industry, financial gains from the Civil War and Reconstruction, the manufacturing of steel, and the discovery of American crude oil. The names of these families, such as  John Jacob Astor, live on even today. By the time the book The Gilded Age, A Tale of Today was published in 1873, authors Mark Twain and Charles Dudley Warner could easily describe what  was behind the ostentation of wealth in post-Civil War America. There is no country in the world, sir, that pursues corruption as inveterately as we do, says one character in the book. Now here you are with your railroad complete, and showing its continuation to Hallelujah and thence to Corruptionville. For some observers, the Gilded Age was a time of immorality, dishonesty, and graft. Money is said to have been made off the backs of an expanding immigrant population who found ready employment with men of industry. Men such as John D. Rockefeller and Andrew Carnegie are often considered robber barons. Politcal corruption was so pervasive that Twains 19th century book continues to be used as a reference for the 21st century U.S. Senate. In European history this same time period is called the Belle Époque or the Beautiful Age. Architects, too, jumped on the bandwagon of what is often called conspicuous consumption.  Richard Morris Hunt (1827-1895) and Henry Hobson Richardson (1838-1886) were professionally trained in Europe, leading the way to making architecture a valued American profession. Architects the like of Charles Follen McKim (1847-1909) and Stanford White (1853-1906) learned opulence and elegance by working under the leadership of Richardson. Philadelphian Frank Furness (1839-1912) studied under Hunt. The sinking of the Titanic in 1912 put a damper on the boundless optimism and excessive spending of the era. Historians often mark the end of the Gilded Age with the stock market crash of 1929. The grand homes of the Gilded Age now stand as monuments to this time in American history. Many of them are open for tours, and a few have been converted to luxury inns. The 21st Century Gilded Age The great divide between the wealthy few and the poverty of many is not relegated to the end of the 19th century. In reviewing Thomas Pikettys book Capital in the Twenty-First Century, economist Paul Krugman reminds us that It has become a commonplace to say that we are living in a second Gilded Age - or, as Piketty likes to put it, a second Belle Époque - defined by the incredible rise of the one percent. So, where is the equivalent architecture? The Dakota was the first luxury apartment building in New York City during the first Gilded Age. Todays luxury apartments are being designed all over New York City by the likes of Christian de Portzamparc, Frank Gehry, Zaha Hadid, Jean Nouvel, Herzog de Meuron, Annabelle Selldorf, Richard Meier, and Rafael Vià ±oly - they are todays Gilded Age architects. Gilding the Lilly Gilded Age architecture is not so much a type or style of architecture as it describes an extravagance that is not representative of the American population. It falsely characterizes the architecture of the time. To gild is to cover something with a thin layer of gold - to make something appear more worthy than it is or to attempt to improve that which needs no improvement, to overdo, like gilding a lilly. Three centuries earlier than the Gilded Age, even British playwright William Shakespeare used the metaphor in several of his dramas: To gild refined gold, to paint the lily,To throw a perfume on the violet,To smooth the ice, or add another hueUnto the rainbow, or with taper-lightTo seek the beauteous eye of heaven to garnish,Is wasteful and ridiculous excess.- King John, Act 4, Scene 2 All that glitters is not gold;Often have you heard that told:Many a man his life hath soldBut my outside to behold:Gilded tombs do worms enfold.- The Merchant of Venice, Act 2, Scene 7 Architecture of the Gilded Age: Visual Elements Many of the Gilded Age mansions have been taken over by historic societies or transformed by the hospitality industry. The Breakers Mansion is the largest and most elaborate of Newports Gilded Age cottages. It was commissioned by Cornelius Vanderbilt II, designed by architect Richard Morris Hunt, and built oceanside between 1892 and 1895. Across the waters from the Breakers you can live like a millionaire at  Oheka Castle on Long Island in New York State. Built in 1919, the Chà ¢teauesque summer home was built by financier Otto Hermann Kahn. Biltmore Estate and Inn is another Gilded Age mansion that is both a tourist attraction and a place to rest your head in elegance. Constructed for George Washington Vanderbilt at the end of 19th century, Biltmore Estate in Asheville, North Carolina took hundreds of workers five years to complete. Architect Richard Morris Hunt modeled the house after a French Renaissance chateau. Vanderbilt Marble House: Railroad baron William K. Vanderbilt spared no expense when he built a house for his wifes birthday. Designed by Richard Morris Hunt, Vanderbilts grand Marble House,  built between 1888 and 1892, cost $11 million, $7 million of which paid for 500,000 cubic feet of white marble. Much of the interior is gilt with gold. The Vanderbilt Mansion on the Hudson River was designed for Frederick and Louise Vanderbilt. Designed by Charles Follen McKim of McKim, Mead White, the  Neoclassical Beaux-Arts Gilded Age architecture is uniquely set in Hyde Park, New York. Rosecliff Mansion was built for Nevada silver heiress Theresa Fair Oelrichs - not a household American name like the Vanderbilts. Nevertheless, Stanford White of McKim, Mead White designed and constructed the Newport, Rhode Island cottage between 1898 and 1902. Sources Why We’re in a New Gilded Age by Paul Krugman, The New York Review of Books, May 8, 2014 [accessed Jun 19, 2016]Getty Images include Rosecliff Mansion by Mark Sullivan; Biltmore Estate by George Rose; Gold Room of Marble House by Nathan Benn/Corbis; and Vanderbilt Mansion on the Hudson by Ted Spiegel/Corbis

Globalization Essay Example | Topics and Well Written Essays - 1000 words - 1

Globalization - Essay Example Fashion images projected in the films, magazines, television, and the Internet have created a global style that has spread across different cultures and geographic boundaries. T-shirts, blue jeans, baseball caps, and athletic costumes are traded everywhere from China to Manhattan, and to the African villages. Fashion systems in Asia, Africa, and the West borrow different kinds of textile elements and styles from one another. All these styles are housed under one roof in the large shopping malls in the rich countries. These products gain the attention of customers belonging to all age-groups, ethnicities, genders, cultures, and professions like high-tech global bazaars. This trend of the homogenizing effect across countries and cultures as well as the increased variety of costumes and accessories within the geographic locations reflects a global paradox. Although the shopping malls in different countries across the world have similar stores and the products sold are same, yet every si ngle item has a huge variety. There is a seemingly baffling and infinite variety of cuts and fits in jeans both for men and women, ranging from the billowing baggy style to the stretched tight jeans, and from tapered at the ankle jeans to the bell-bottom jeans. Different styles have been developed to suit the individualistic needs of men and women belonging to different age-groups, and having different heights and physiques. â€Å"While a somewhat baggy, â€Å"relaxed† cut can signify dignified middle-aged femininity, a baggy cut taken to excess can signify hyper-masculine ghetto street smarts. Each variation takes its turn as an ephemeral and arbitrary signifier of shifting identities based on age, gender, ethnicity, or subculture† (â€Å"Globalization†). These days, the Fashion week in different cities around the world including Oslo, Berlin, Lahore, and Kiev are the same. The Fashion week was first organized in 1943 in the New York City. In those days, it was not possible for the Americans to visit Paris to know the latest trends in fashion. The objective of the organizers of the event was to attract the American designers. Fashion weeks are events in which both national and international designers get an opportunity to display their works which not only helps them gain the media attention but also earns them millions of tourist dollars in revenue. Proliferation of the fashion weeks all over the world is a potential sign of globalization of the fashion industry. These days, the most impressive fashion weeks are annually organized in London, Paris, New York, and Milan. The fashion industry grew by leaps and bounds as the fashion weeks were started to be organized in the Islamic countries. In the year 2006, the first fashion week was organized in Tehran. This fashion week featured modestly dressed women. The models wore hijabs, abayas, gowns, and other Islamic outfits in bright colors and prints. In the same year, fashion week was arrange d in New Delhi which featured 60 designers. Out of the 160 buyers who were attracted by the event, over 70 were international. The event earned the organizers profit worth $50 million. Globalization of the fashion industry reached its apogee with the use of the Internet. Internet not only spread awareness about the latest fashion trends, but also enabled the consumers to shop the latest

The Routines of Decision Making Math Problem Example | Topics and Well Written Essays - 500 words

The Routines of Decision Making - Math Problem Example 2. The maximum purchase price for the pair of bindings is $10.00, as this is the cost of production that differs between the alternatives. In case if the price is higher, the company will be realizing a loss. 3. If the production increases from 10.000 units to 12.500, the fixed costs that change between the alternatives allocated to a pair of skis would be the following: 10.000 / 12.500 = $0.8. The fixed cost of 100.000 should be considered when making the decision, as it does not differ between the alternatives. Since all the rest of the production costs remain unchanged, we can simply add the net change in fixed cost from the total cost of production that varies between the alternatives in order to receive the cost of production for a pair of bindings under the new circumstances: 10.00 + 0.8 = 10.80. When considering the long run (30,000 sales form by the end of the third year), the fixed overhead that varies between the alternatives per pair of bindings is only $0.33 (10.000/30.000). Under this sales volume the company should produce the bindings itself.

Archaeology of Nadia Abu E-Haj Essay Example | Topics and Well Written Essays - 250 words - 1

Archaeology of Nadia Abu E-Haj - Essay Example Nadia Abu E-Haj discusses archeology, nationhood, and settlement. According to him, the historical and social scientific scholarship seeks to understand how the production of memory happens. The author clearly carries out an analysis of nationalism and making a memory. Nationalists are said to believe in the continuity of history, social and political aspects. I support with no doubt that, the practice of archeology is not an instance of making or generating a memory. The author has deeply examined how securing archeology is considered as an intellectual pursuit. The practice of nationhood and archeology are entangled. According to the author despite the information that archeology is a national practice, there are nations that are not interested. I agree that there are speakers that carry out the role of society in guiding the national educational project. The Jewish society is not the only society that engages in teaching value antiques to the public (Elhaj 218). Ron Eachus and Gilbert Herbert, on the other hand, discuss a colonial portrait of Jerusalem. The architecture of Palestine is discussed and the landscape deeply discussed. The author discusses the rationale behind the colonial architecture is traced to the colonial power.

Need for Universal Social Security and Pension Schemes

Need for Universal Social Security and Pension Schemes Securing Old Age Abstract Pension system aims on poverty release, consumption smoothing, and insurance coverage in respect of ageing population. In India, most of the old age citizens are not covered under any social security program. A miniscule number of Government employees and few private sector workers retire with pensions. Majority of the total workforce is engaged in the unorganised sector with no access to old age income security. The issue of old-age security is gaining importance and it is now high on the public policy agenda. The developed countries generally provide pension to those who contribute for pension whereas in majority of the developing countries pensions are provided in a discretionary manner which reduces the coverage of pension. The article discusses the need for a universal pension scheme that will help the working population in the unorganized sector with increased coverage of pension. Key words: Pension scheme, Old age, social security Introduction The increased rate of the aged people in the total population has created a substantial demand for old-age social security. Thus it has become important to provide social security to its elderly people. Pension is one of the major component of old age social security. Developed countries have a good pension system with highly organised formal labour markets. Indian old-age income security is not well developed. India, being a welfare State, has taken upon itself the responsibilities of extending various benefits of Social Security and Social Assistance to its citizens. As per the reports out of an estimated work force of about 397 million, around 28 million workers are having the benefit of formal social security protection in India. Rest of the workers are in the unorganised sector. A well organised social security system for the workers in the unorganised sector will help in improving productivity, contribute to the harmonious labour relations and thus contribute to socio and economic development. Social security is a system of protection of individuals who are in need of such protection by the State as an agent of the society. Such protection is relevant in contingencies such as retirement, resignation, retrenchment, death, disablement which are beyond the control of the individual members of the Society. The current study attempts to examine the need for a universal social security and pension scheme. And a non-contributory pension scheme can guarantee a regular income in old age to all residents of the country, regardless of their earnings or occupation. It explains the scope for implementing a universal pension scheme which will increase the pension coverage and ensures proper income security to the old. The findings suggest that a reasonable increase in the amount of the pension and streamlining the delivery mechanism would significantly help to reduce old-age vulnerabilities. The paper concludes with policy directions for reforming the Indian pension system. The coverage of formal old age security is low, as majority of the population belonging to the informal sector of the developing countries is deprived of old age security. Indian pension system could potentially influence policy decisions in other developing countries with similar reliance on the national provident fund system. Indian provident fund schemes are low coverage and under performance schemes due to the investment restrictions. Majority working populations are engaged in the unorganised sector and have no access to any formal system of old age economic securities like provident fund and pension fund. Public sector employees are privileged with a vast pension provisions while private sector employees are aggrieved with low returns from their benefit schemes. Old age and social security The disappearance of large family system in India that took care of the social security needs of all members has necessitated provision of social security for senior citizens. For the senior citizens, social security can works like a protection cell which provides security through the medical benefit and old age pension plan. Social security pensions are meant to help disadvantaged sections of society such as the elderly, widows and disabled persons to live with basic financial security. Social security has gained paramount importance in the changed economic scenario. Social security programmes are actively undertaken even in developed nations. Social security is the financial assistance provided by the Government to the needy citizens such as disabled persons, aged persons, widows, unemployed youths, survivors of the deceased workers to promote their welfare by enabling them to access to food, shelter, health etc. social security acts as safety net for the disadvantageous sections of the society. Social security has gained paramount importance in the changed economic scenario. India also has enacted many social security measures for its needy citizens. In order to protect the welfare of unorganized workers the legislative measures namely minimum wages Act, 1948, the employees compensation Act, 1923, the maternity benefit Act, 1961, the bonded labour system (Abolition) Act, 1976, the contract labour (Regulation Abolition) Act, 1970, the inter-state migrant workmen (Regulation of Employment and Conditions of Service) Act, 1979, the building and other construction workers (Regulation of Employment and Conditions of Service) Act, 1996, etc. were implemented. In India, the elderly population is projected to reach 116 million in 2016 and 179 million in 2026. This raises the need for an effective system of pension. Population in India across Different Age Groups (million) Source: Census of India Percentage Distribution of Population by Broad Age Groups, Sex and Residence, 2012 Source: Sample Registration System (2012). Old age social security plays a pivotal role in a welfare state and one of its’ major components is pension. Pension provides a long-term income security in old age. Need for Pension scheme Need for Pension arises because of: à ¯Ã¢â‚¬Å¡Ã‚ · One is not as productive in the old age as in youth. à ¯Ã¢â‚¬Å¡Ã‚ · The rise in the nuclear family system as compared to earlier joint family system. à ¯Ã¢â‚¬Å¡Ã‚ · Migration of younger earning members as they are no longer interested in their family business. à ¯Ã¢â‚¬Å¡Ã‚ · Rapidly growing informal and unorganized sector. à ¯Ã¢â‚¬Å¡Ã‚ · Rise in cost of living. à ¯Ã¢â‚¬Å¡Ã‚ · Urbanization andimproved standard of life à ¯Ã¢â‚¬Å¡Ã‚ · Increase in the life span because of good medical facilities. à ¯Ã¢â‚¬Å¡Ã‚ · Bringing unorganized sector into formal scheme of pension. Unlike most of the developing countries, India did not have a universal social security system for the old aged people. As there is no formal pension scheme in India for the newly appointees, a need was felt to have a scheme so that people can save for their future when they are no longer working. Pension is a financial tool for old-age income security. These are generally defined as monthly payments made on superannuation to an individual to enable her/him maintain a decent standard of living post retirement and in old age. The developed countries generally provide pension to those who contribute for pension whereas in majority of the developing countries like India, pensions are provided on a discretionary basis which reduces the overall coverage of pension. The National Social Assistance Programme (NSAP) was introduced in India in 1995. Currently, five schemes come under the NSAP: the IGNOAPS, the Indira Gandhi National Widow Pension Scheme (IGNWPS), the Indira Gandhi National Disability Pension Scheme (IGNDPS), the National Family Benefit Scheme and the Annapurna Scheme. The central government makes a diminutive contribution of Rs 200 per month per person to old-age pensions, raised to Rs 500 per month under IGNOAPS, for persons aged 80 years and above. The patterns of usage of the pension are indicative of its importance in the lives of the benefi ciaries. The accepted defined benefit pension system, which was the broader goal of a welfare state, is slowly giving way to the defined contribution system where risk is borne by the final beneficiaries. Pension reforms in India in the last decade have seen three major initiatives a paradigmatic shift in the civil servants pension scheme, the National Pension Scheme for all citizens and the New Pension System Lite for the economically disadvantaged sections with small savings. Pension system in India Pension plansprovide financial security and stability during old age when people dont have aregular source of income. Retirement plan ensures that people live with pride andwithout compromising on their standard of living during advancing years. Pension scheme gives an opportunity to invest and accumulate savings and get lump sumamount as regular income through annuity plan on retirement. The history of the Indian pension system dates back to the colonial period of British-India. The Royal commission on civil Establishments, in 1881first provided pension benefits to the government employees. Government of India Acts of 1919 and 1935 made further provisions and expanded the retirement benefits to the entire public sector workforce. Several provident funds were set up after the independence to extend the coverage to private sector employees. Indian pension system largely hinges on financing through employer and employee participation. It denied the vast majority of the unorganised workforce’s access to formal channels of old age economic support. A common objection to social security pensions is that they might displace or undermine family support for widows and the elderly. Traditionally, joint family structures in India worked as a hedge against old-age economic crisis and a support network that precluded the need for third-party pension instruments. Universal Social Security and Pension Schemes Table: Details of Pension Beneficiaries of Selected Pension Schemes Source: Economic Political Weekly and Government of India. Universal pension schemes are often criticized for high fiscal costs. Recently Government of India announced a slew of low-cost pension and insurance schemes, in the budget for 2015-16. It includes least half-dozen social security schemes like Atal Pension Yojana and Universal Social Security scheme that will lead to a universal social security system for all, especially the poor and the underprivileged. Atal Pension Yojana will provide defined pension according to contribution. Of this, 50 percent contribution would be made by the government The government proposes to work towards Universal Social Security for all Indians. These social schemes reflect the intention that no person suffers from avoidable pain due to illness, old age. In countries like Canada and New Zealand, a progressive income tax system taxes the pensions for higher income individuals, making even the universal pension system relatively targeted. However, most of the lower income countries which might institute a universal pension system may not have a progressive income tax structure and may find it difficult to use the tax system to make the universal pension more targeted. Depending on the income distribution within the country, making the pension small enough may be sufficient for higher income individuals to not bother with collecting the pension. Such is the case in Nepal where higher income Nepalese often do not collect the very low universal benefits. A second set of issues arise regarding the service delivery for a universal pension. In the case of Namibia, despite a mandate for a universal pension, many rural elderly were not receiving the pension. The reasons ranged from lack of access to the pension distribution network and difficulties with verifying age and eligibility to different types of fraud. However, the administrative cost of the system was raised. Since poorer regions are harder to reach, the poorest may still not be reachable with a universal pension without a sizable investment in administrative capacity. This service delivery issue applies to all types of social pensions, not just the universal type. Some countries as noted above, offer universal pensions to all residents above a certain age regardless of income or assets. Even non-citizens who have fulfilled a minimum residency requirement in the country are often eligible. Universal pensions are clearly the best way to drastically reduce old age poverty since all the elderly, regardless of work or contribution experience, are eligible to receive some benefit. However, as with any universal benefit, many people who will be receiving it will not be poor. As a result, in terms of poverty reduction achieved per dollar spent, the expenditure may not be wholly effective. Furthermore, in the countries where such programs have been adopted, such as Namibia13 and Mauritius, cost considerations are forcing the governments to move toward means-testing and other methods of providing old age security. Universal pensions systems involve less administrative apparatus and administrative costs than targeted systems, but the actual benefits, since they are received by the nonpoor as well as the poor, cost more. A large proportion of Indias population is without insurance of any kind, health, accidental or life. Worryingly, as the young population ages, it is also going to be pension-less. Conclusions The current study attempts to examine the need for a universal pension for the elderly. Indian financial sector reforms have made significant progress in the spheres of banking and capital market. But sectors like insurance and pension are still hitherto untouched sectors. India has low coverage pension and the pension system is unable to fulfil its purpose. Since independence, many reforms have been initiated. The introduction of a universal pension scheme will facilitate social security and also helps in assuring the young that in old age there would be national savings to take care of any difficulties, implying that over-accumulation is not necessary during the younger days. The introduction of a universal pension scheme will enhance the welfare of the working cohorts of India majority of whose future lies in uncertainty.

Come Shouting to Zion and the development of African-American Religious Culture :: Religion Shouting Zion Essays

Come Shouting to Zion and the development of African-American Religious Culture Missing Works Cited In detailing the long process by which African-Americans came to embrace Protestant Christianity and shape their own unique form of it, Frey and Wood emphasize African agency throughout. Their case is better supported by evidence in the 19th century than in the 18th, during which time Christianity had little effect on slave society through the efforts of Anglicans, not so much because Africans rejected the gospel as because whites withheld Christian brotherhood from blacks. As blacks in the American South and in the British Caribbean struggled to develop individual and collective identities from the persistent remnants of African culture and their new conditions of life, the series of efforts by evangelicals to convert slaves eventually gave rise to a distinct African-American form of Christian theology, worship style, and religious community. The importance of religion among African Americans, as among all people, rests on fulfilling the human need for an understanding of one’s place in both the spiritual and temporal world. While it is difficult, as Frey and Wood concede, to know with certainty what lay behind Africans’ confessions of conversion to Christianity, we can understand how religion played a critical role in defining social relationships among slaves and between blacks and whites. Frey and Wood explain the appeal and success of Evangelicalism among slaves when they assert, â€Å"Deprived of their traditional supernatural means of dealing with recurrent life crises, [African-Americans] discovered in evangelical conversion requirements an opportunity to reassert personal authority based on their ability to communicate directly with God and to bring others to recognize the need for personal repentance and acceptance of Jesus† (109). One early example that supports this link between religiou s involvement and a sense of personal identity, if not between conversion and increasing social prestige or power, is found in a slave woman who tells Moravian missionaries that her people have come from across the sea and lost their father and mother, and therefore want to know the Moravians’ Father above. The displacement of Africans, for whom locality was critical to interactions with the spiritual world, did not deprive them of their religious cosmologies, but required them to learn the spiritual landscape of their new home and reshape their practices accordingly. Come Shouting to Zion details the many religious rituals that Africans preserved in the new world, especially those surrounding fundamental life events such as the birth and naming of children, marriage, burial ceremonies, and ritual dancing and singing to communicate with ancestors and deities.