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Impact of the Socio-economic Paradigm on the Social Security Reforms

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 12 / Words 2908
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 2738
Question :

 Reforms are made by economists and countries in order to bring change in the economic environment and implicate change in procedures and policies. The project is based on the impact of the socio-economic paradigm on the social security reforms. The present project is based on the UK region specifically the old age income provision. It covers the following-

  • what is the impact of the socio-economic paradigm?
  • What are the different paradigms of socio-economy?
  • What are different legislations in relation to old age income provision.?
  • What is the role of traditional authorities in delivering the pro-poor social policies?
Answer :

INTRODUCTION

Reforms are generally made by countries and economists with respect to bringing changes in the economic environment as well as the implication of various changes in policies and procedures. Changes have been made by the government in relation to improving the internal economic efficiency of the nation in terms of GDP, Inflation, Recession and FDI in the environment. Concerning the growth of currency value, the economic standard of the nation which are the prime need and want of government. In the present report, the discussion will be based on socio-economic factors which influence social security. The study will highlight old age income provisions in the UK.

PART 1

The impact of socio-economic paradigms on social security reform - the case of the UK Region / old-age income provision

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Every national government is concerned about improving the national wealth. Therefore, there are various plans and policies were generated in order to bring benefits to their citizens. It approaches towards managing the economic condition as well as protecting the society from the financial drawbacks and monetary issues. However, concerning the social security of the citizens pension schemes play the main role in managing the wealth of society. Pension payable to an individual is based on efforts made by them in making adequate operational efforts as well as their age (Atkinson and et.al., 2017). Recently, the UK government have made various reforms and changes in the policies which are intended to make appropriate increments in the revenue and growth of the operational practices.

The motive is to develop a suitable pension scheme which will be satisfactory to an individual for further life span after completion of their occupational age. Therefore, the socio-economic paradigm will be very effective and attainable as per making control over the operations as well as analysing the adequate requirements of funds for the operations. Government and various economists state in the nation are approaches towards enhancing the currency rate, GDP rate and market value on the international segmentation (Prabhakar, 2017). Therefore, making suitable operational development as well as analysing the cost requirements will be appropriate and adequate in terms of making control over monetary activities in the environment. Stabilising the economy with consideration of appropriate planning and operational strategies which in turn will be effective and adequate as per meeting the goals of the firm.

However, the social economic condition in the nation will be assessed by the income generated by the individual. Thus, the per capita income of a country will have effective impacts on valuation and generations of operational gains and management of operations (Mpinga and Westerman, 2017). Old-age pension reforms will be very effective in terms of uplifting the economic conditions of the country. However, bringing satisfactory social security to the citizens living in the nation will have appropriate management of operations based on operational gains and revenue generation which in turn brings them appropriate control over the economy.

Considering the term paradigm for social classification which includes socio-economic differences between human beings and values as per liberty and personal potential. Therefore, meeting the personal objectives of the individual as per their opportunities and income perspectives (Nolan, 2018). However, as per analysing the paradigm relevant to the operations where there are two paradigms enrolled on the operations of government such as:

1st Paradigm: Opportunity And Liberty:

Concerning the perspective that socio-economic differentiation is based on human and their fundamental values which will be effective in making the suitable liberty which in turn will be adequate and useful for the individual potential. It will be an adequate technique which in turn will be used for making the adequate identification of the health, status and economic condition of the individual in the environment. Thus, there are various opportunities which are incorporated with the pension schemes and the operational objectives of the government in making suitable operational changes (Hermann, 2017). There have been various operational activities which will be useful for creating appropriate opportunities for individuals such as job opportunities as well as enhancing the self employment opportunities. Considering the various operations through which a person will have appropriate revenue generation such as assessing goods and services as well as social capital from the market. In relation to acknowledging the goods and services in the country, there are various resources which were frequently used to quantify the differentiation which access to goods and services. On the other side, social capital consists of the revenue generated by the individual in relation to making suitable gains and the operational control over the activities which will be assistive and helpful as per making adequate needs and wants of the business.

2nd Paradigm: Equality and equity

In accordance with assessing better health conditions, there are various social injustices that bring material deprivation, socio-economic inequality and various difficulties. Thus, the implication of various operational activities as well as the implication of operations will have inadequate impacts on the financial health of various individuals (Bonenkamp and et.al., 2017). However, determining the operational needs and wants of the business will be adequate and helpful in making suitable operational control and changes in the operations such as uplifting the social justice of healthcare programs. In relation to bringing adequate pension and monetary benefits to all categories and genders of employees on an equality and equity base. Thus, the UK government have made reforms which in turn consider that male and female employees working on the same segmentation, posts and age will have equal amounts of pension payable to them. Therefore, it will be adequate and helpful as it brings up an economic level as well as brings women empowerment.

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Pension Act 2011:

Acts were developed in relation to raising the state pension age to 66 which was based from 2004 to 2026. Therefore, it impacts over rise of the state pension age for both women and men employees. Which rises to 65 in December 2018 and will reach 66 in October 2020. Introducing various amendments will be assistive in regulating the framework of duty on employees to enrol the force for qualifying pension schemes (Hess, 2017). It impacts the automatic enrolment of work review and revises automatic enrolment provisions. It emphasises over-amending the existing legislation that provides for the revaluation or indexation of occupational payments and pensions made by pension protection funds. To analyse the legislation's revenant with the pension there will be enrolment of the adequate changes and the operational activities in money purchase benefits. This act comprised various measures such as :

  • Rising the flexibility in the date of consolidation of additional state pension.
  • There have been miscellaneous amendments to pension protection fund legislation.
  • Amendments to legislation concerning payments of surplus to employers.

Considering the facts that old age income provisions are undergoing rigorous examination which have tremendous impacts worldwide (Ebbinghaus, 2017). The issues arise as per changes in the policies and current scheme which tends to survive on this threat and bankrupt institutions such as the Organisation for Economic Corporation and Development (OECD). Pensions payable in UK fall under 3 divisions and 7 sub-divisions such as:

State pension

Basic state pension

State second pension

Occupational pensions

Defined benefit pension

Defined contribution pension

Individual/ personal pension

Stakeholder pensions

Group personal pension

Self-invested personal pension

However, all the levels have differences in their policies and the methods of making payments to society in terms of income or pensions. Distribution of roles, and policies in accordance with various divisions in the UK on which 3 divisions are performing and which will, be satisfactory to the government in having better economic control (Greiner, 2017). Additionally, analysing operational control and efficiencies of these divisions as per demonstrating the appropriate knowledge and information regarding this such as:

State Pensions:

Pension is the amount which has been payable to the individual or their family which is on the basis of their contribution as well as their age. This is a contribution-based benefit and depends on an individual's national insurance contribution history (Atkinson and et.al., 2017). Therefore, to bring the appropriate sum of money whether male or female employees an adequate income after completion of their years of serving in a nation, society and industry. A sum of money will be payable to them on a periodical basis which will be helpful to them after retirement. However, it consists of three basic elements such as pension, additional pension and pension guarantee.

Additional Pension: there has been consideration of various pension and state schemes which will be appropriate and assistive on the basis of existing extra pension provisions on basic state pension. Therefore, these are collectively known as additional pensions (Prabhakar, 2017). In relation to the operational framework and analysis of various operational activities, it can be said that they are only available to employees paying national insurance contributions. This consists of various schemes for making pension payments such as:

  • Graduated Pension: this is the pension income which has been earned after graduation retirement benefit. However, it was earned between 6th April 1961 and 5th April 1975. Here, the payments will be based on the number of fixed national insurance payments (Mpinga and Westerman, 2017). There are comparatively small amounts payable to people who are entitled to this.
  • State earnings-related pension scheme: This is the earning which will be based on qualification on band earnings above a lower earning limit each year (Bonenkamp and et.al., 2017). Therefore, it has been seen as it will be payable by the company on which the individual was employed.
  • State second pension: Considering this scheme of making payments on the pension to the individual on which the payments made by them in relation to their national insurance contribution.

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Occupational Pension:

These are the pension schemes which have been facilitated by the employer to their employees. It was based on the employment, job roles and pay-offs made to them. Therefore, considering the rules and policies made by the organisational professionals based on facilitating adequate pensions to their employees on the basis of various schemes such as:

Automatics enrolment:

In relation to this occupational plan where all the workers opt out of the occupational pension plan of their recruiter (Hess, 2017). This Automatic enrolment will lead to the employees being automatically enrolled within the workplace pension scheme. Here the employer is required to make automatic enrolments in an organisation according to set staging dates based on employee turnover of the organisation.

Defined benefit scheme:

In relation to this policy or scheme employers often their employees in accessing the defined benefit occupational pensions scheme which is relevant to the final salary.

Defined Contribution Scheme:

The operational framework which has been followed in this scheme is that the employer is bound to make constant payments to the pension fund which is used to buy a pension when the employee retires (Ebbinghaus, 2017). However, there are various occupational pension schemes that need to be considered by professionals such as Funding, underfunding and tax registration.

Personal Pension:

This is the pension scheme which have been proposed by the government on which an individual will arrange contributions on the basis of similar nature of tax advantages that will be awarded to the individual who is generating a fixed amount of his income in savings (Greiner, 2017). Thus, these are the savings which lead him to make the appropriate reserves and collection of funds for future operations (Socio-economic Status and Health, 2017). Concerning the fact that it allows them various tax exemptions that will be effective in making suitable reserves for the future. Moreover, it is comprised of various schemes such as Stakeholder pension, group personal pension and Self-invested personal pension.

PART 2

Role of traditional authorities in delivering pro-poor social policies in Kenya

Executive summary:

In relation to making the appropriate contribution which depends on the political economy of implementing the pro-poor social policy. Therefore, it will belong to the technocratic arguments, emphasised on the lack of financial resources. However, there have been various barriers which abandon social and economic growth such as technology, education, skills and the lack of knowledge.

Introduction:

In recent times there have been various socio-economic challenges being faced by a various nation and they have gathered a substantial set of gains through stakeholders, political regimes and overall socio-economic conditions. Thus, the reforms are generally developed for improving the economic conditions as well as operational activities of various segmentations which in turn will be appropriate and adequate as per uplifting economic standards. However, enhancing the previously made policies and operational rules and regulations which in turn will have impacts on the economic standards (Atkinson and et.al., 2017). The Kenyan government has approached redesigning as well as developing the adequate policies which will be adequate and appropriate as per making suitable operational reforms in such policies. Motive is based on improving the wealth and health of a nation in relation to the currency value as well as various marketing values on international segmentation.

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Approach and Results:

Concerning the governmental policies in setting the pro-poor social protection on which the intervention remains constant or under-researched areas. Here the debate is based on the inadequate planning and reforms presented by the government which is not meeting the satisfactory level of the citizens in terms of retaining adequate wealth and health. Moreover, the politics related to implicating the cash transfers made to orphans and vulnerable children in Kenya brings other approaches (Prabhakar, 2017). The role of traditional authorities in implicating the various prices of making suitable changes in the operations will be ineffective as the observation and research will be based on acknowledging some issues. There is no observation made on the basis of broad scenes as there will be inappropriate policies which were being generated by the professionals. In accordance with the serious factors which were being argued and debated by the government in considerately with implicating the policies are mainly relevant with the technocratic arguments, poor financial control, skills and various relevant barriers which are affecting the operations. Determining the factors such as there are improper resources which are being available in an environment affects its implications. The government have planned to implement the reforms at the local level of operations which are supposed to be heavily contingent upon local, political and social policies.

Conclusion:

Demonstrating the poor economic management and operational control over the policies imposed by the government in the local, social and political influences implication of policies in the environment. The role of traditional authorities in implicating the various prices of making suitable changes in the operations will be ineffective as the observation and research will be based on acknowledging some issues (Nolan, 2018). Therefore, the only need of making adequate development and upbringing of economic growth. Thus, such variation will be adequate and helpful in terms of making suitable changes in the operational reforms in Kenya. Developing various policies will have positive influences as it creates positive conditions such as proper availability of resources such as funds, technical devices as well as skills among the professionals.

Implication and recommendations:

In accordance with bringing adequate changes in the operations which ascertains that there is a need to have appropriate control over the operations. The Kenyan government must make suitable reforms and bring technical changes to the operations (Hermann, 2017). Thus, improvements in the techniques to implicate the policies which will reciprocally enhance the economic condition in nations. There will be qualitative development as the government make reforms according to current needs and requirements more than depending on the traditional approaches.

CONCLUSION

By considering the above study it can be said that various reforms and technical changes made by the government in relation to improving the economic condition of the nations. Thus, the implication of such policies and techniques will be an important issue that needs to be considered by them.

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