Business Laws : Sample Assignment PDF
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Added on 2021-06-17
Business Laws : Sample Assignment PDF
Added on 2021-06-17
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Running head: BUSINESS LAWBusiness LawName of the StudentName of the UniversityAuthor note
1BUSINESS LAWThe concept of social security refers to a situation where the system of the governmentproduces a monetary assistance to all the individuals who has a sufficient rate of income. Ithas been defined and illustrated under Article 22 of the Universal Declaration of HumanRights. It further states that there have been action programs set up by the organization, thepurpose of which was to promote the welfare of the population. Access to proper resourcessuch as for shelter and food will be provided for the well being and health of the populationespecially the children, unemployed and sick people. Therefore, the process of providingsocial security deals is usually known as social services. Further, social security also refers tobasic security, social insurance and services. Basic security is irrespective of the involvementof particular insurance programs where the eligibility might be an issue. Social insurance onthe other hand, refers to a situation where the individuals obtain benefits that is related to thecontributions of the insurance programs. The social insurances generally involve theprovision of pensions, disability insurance and the insurance of the employment. There arefinancial support, retirement, health and safety at workplace in different countries. Socialsecurity also refers to the set of benefits that are available from the state, households and thecombinations of the agencies (Rosenheck et al. 2017). The specific changes that took placeover the last two years deals with the concept of raising of the retirement age, social securitycap, longevity index, increase in the cost of living for the retirees. Two recent changes in the last two years of social securityVarious changes in the social security have taken place in the last two years.Increase in full retirement ageis the first basic alteration that has taken place in the recentyears. This alteration states that the normal retirement age for the benefit of social securityhas been 66 years of age till date. The present change states that the age limit has risen up to67 for those Americans who have born after the year of 1954 (Gelber, Isen and Song 2016).This is significant to say that the alteration or change had affected the individuals who have
2BUSINESS LAWreached the age of eligibility for the benefits of social security. In particular those Americanswho will be attaining the age of 62 in the year of 2018 will receive a full retirement at the ageof 66 and four months. On the contrary, individuals who will obtain the age of 63 in the yearmentioned above will get the benefit of full retirement at the age of 66 years and two months.Such a situation will have a dramatic reduction among the Americans. For instance, if aworker who has a full retirement at the age of 66 claims the same at the age of 62 then thoseindividuals will be facing a reduction of 25%. However, if any employee with a fullretirement age is said to be 66 years and four months then the rate of reduction percentagewill be 25.8%. The benefit amount therefore exceeds and rises with the higher level ofincome and a later age of retirement. Generally the retirees decide to spend their years ofretirement in some other country (Couch, Tamborini and Reznik 2015). There are a fewspecific countries that have the sanctions with the help of which the administration of socialsecurity will not dispatch payments. Every country has a variety of restrictions andlimitations on receiving the benefits of the government. Plenty of the developed countriesface problems regarding the paying systems. The major concern is that the population isincreasing day by day and hence many individuals are retiring all across the world andreceiving benefits. The concept of incentives make the process of retirement get permitted ata very early age. In Taiwan, it was observed that the benefits will rise if an employee stays inthe labor force till the age of 65. On the other hand, if the worker continues to pay into thesystem but the benefits provided will not rise. OECD will take the countries into account thebenefits a person will be attaining for a lifetime if he works for an extra year. When it comesto United States, the process of retirement is different (Brown, Kapteyn and Mitchell 2016).The social security payments are considered to be unfair (Rejda 2015). It has been observedthat those individuals who have retired at a very early age of eligibility receive the exactamount of benefits during their lifetime since they had retired at the common age of
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