Free

Risk Management Paper - Assignment Example

Comments (0) Cite this document
Summary
Social Security System deals with the federal rights, benefits and protection of people who get insured and their dependents. Social Security System aims to replace a portion of the lost income due to retirement, death, disability, maternity and sickness. Measures to…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.7% of users find it useful
Risk Management Paper
Read TextPreview

Extract of sample "Risk Management Paper"

Lessons the U.S system should learn from the Swedish model How the lessons can be used to improve the U.S Social Security program Academic quarter
Assignment Number
Abstract
Social Security System deals with the federal rights, benefits and protection of people who get insured and their dependents. Social Security System aims to replace a portion of the lost income due to retirement, death, disability, maternity and sickness. Measures to provide monetary benefits in place of lost income are referred to as income maintenance programs. Measures which finance and provide direct services are referred as benefits in kind. The comparison amongst the old, disability and survivor benefits of both the Swedish and US systems, the Swedish system, has enormous benefits as compared to that of the US system. In each case, the old age benefits reflect the retirement benefits as they attain a certain age when working while that of disability benefit refers to inability to do work properly due to sickness, accidents and age. Survivor benefits gets issued to the dependent either spouse or children in case of death of the insurer.
Lessons the US System learn from the Sweden Model in regard to OSALDI benefits
In the Sweden model, their programs use the universal and the social insurance system in the old system and universal system in the new systems.
To qualify for old-age benefits and guarantee pension, the right age is 65. A Swedish resident is at least 3 years while receiving low or no income from earnings-related pensions. Pensions get paid abroad within the European Union and European Economic Area with certain conditions. Earnings-related to old-age, old system gives to age 65 covering at least 3 years. The complete pension requires at least 30 years of coverage while early pension becomes reduced and may be paid from age 61 to 64 while deferred pension, may be deferred until age 70.
In earnings-related old-age pension at the new system, retirement age is flexible, starting at age 61. This pension is based on lifetime earnings detailed in the system. The insured person should have annual earnings in exceeding of 17,935 kronor. Premium pension in the new system, its retirement age, is flexible beginning at age 61 and gets paid abroad.
Disability pension and sickness compensation, the insured persons, must have assessed work capacity oft 25% and then gets covered when the disability began. The disability pension comprises of a guarantee and an earnings-related pension. Guarantee pension of the insured should have at least 3 years of coverage. The pension is based on residence and gets paid abroad within the European Union, European Economic Area, Switzerland, and Canada. Earnings-related pension to the insured should have at least 1 year of income in Sweden within a given period. Constant-attendance supplement get paid when the insured requires a constant attendance of helpers when performing daily functions. Survivor pension of the widow or widower pension comprises of a guaranteed and earnings-related pension having resided in Sweden for at least 3 years. In cases of death, the beneficiary gets compensated and gets funeral grants and orphans pension (Kritzer & Jankowski, 2010, p. 288).
How might the lessons help in improving the U.S social security program?
The US system should learn and in corporate these benefits into their social welfare programs. US, social insurance program, get funded by payroll taxes named Federal Insurance Contribution Act Tax. These benefits should be included since, in US, the retirement is based on insurance amount. US base their retirement insurances on year born since the age increases by two (2) months for each consecutive year. This means that benefits starts before normal retirement age because their benefits gets reduced by the number of months they start benefits before normal retirement. The US should embrace the Swedish model as in US eligible for benefits if the marriage lasted for 10 years.
If the US learns from Swedish model, the spouse and children can receive benefits for a worker who has attained retirement age. If the worker wishes to delay the benefits, the wishes will not affect children and spouse as they will still get their share.
 Nima 2011 presents a historical viewpoint on development of the Swedish financial system. Contrary to the common view, he infers the success of Swedish society is not because to the welfare state. Rather, due to result of cultural, demographic factors favourable business environment throughout Sweden. If, the US government compensates its tax policy by employing market retirement reforms the societies would prosper. If the US implements certain aspects of the Swedish model, the social society program will improve then its beneficiaries will get better services.
References
Kritzer, B, & Jankowski J. (2010). Social Security Programs throughout the World reports on the countries of Europe V4, 296-298. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk Management Paper Assignment Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1590698-risk-management-paper
(Risk Management Paper Assignment Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/miscellaneous/1590698-risk-management-paper.
“Risk Management Paper Assignment Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/miscellaneous/1590698-risk-management-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Risk Management Paper

Risk Management

...? Table of Contents Introduction ………………...……………………………………….. 2 Step One – Risk Identification ………...……………………………. 3 Step Two – Risk Measurement ……………………..………………. 4 Step Three – Risk Analysis ………………………………………… 4 Step Four – Decisions ………………………………………………. 5 Step Five - Implementation ………………………………………… 6 Step Six - Monitoring ……………………………………………....... 6 Step Seven – Policies …………………………………………………7 Conclusion ……………………..…………………………….……..... 7 References …………………………………………………………… 9 The Fukushima Disaster: Lessons in Risk Management I. Introduction The Fukushima disaster is probably one of the most terrifying nuclear disasters in recent memory. Before March 2011, it was...
10 Pages(2500 words)Essay

Risk management

...?Risk Management Question There is more to the determination of which of the two projects would fetch shareholders much wealth than the amounts of money being invested into the various projects and the expected Net Cash Flow. This hidden factor is the risk associated with each of the projects and this is where the principles of cash assets pricing model plays a lot of important role. The company is advised to invest in the acquisition of the new business in the Latvian logistics because that will increase the overall real assets of shareholders. Again, the company will be in a position to bargain on the premium they would put on the acquisition through the principles of CAPM to ensure that they “demand additional expected return... of...
6 Pages(1500 words)Essay

Risk management

...Risk Management Number Department Introduction It is a fact that the mechanical process of drilling through the seabed as a way of exploring and extracting oil lying in rock formations beneath the seabed comes with risks. The risk that accosts offshore operations are pervasive enough to touch on the very personnel doing the offshore drilling and the larger surrounding population which may be negatively affected by the consequences of offshore drilling. That risks are inextricably concomitant with offshore drilling is a matter that is underscored by the fact that offshore drilling readily presents environmental drawbacks because of the nature of materials...
11 Pages(2750 words)Essay

Project Risk Management Paper 1

...?Running Head: Project Risk Management Project Risk Management Managing and Planning for Risk Type here Project Risk Management We can define risk as the likelihood of a loss (Why Project Risk Management, pg 2). Risk is an amalgamation of both expected problems, threats, and the possible prospects within any project. It is one of nine knowledge areas of the Project Management Body of Knowledge (PMBOK) (Creating the project charter, pg 45). The process of project risk management involves...
5 Pages(1250 words)Essay

Risk management

...? This paper discusses risk management with respect to construction and project management. For this purpose Burj Khalifa is chosen on the basis of which risk management, risk information, data collection, risk identification, risk analysis, output analysis and discussion, recommendation for its improvement and future plans and steps will be talked about in detail. INTRODUCTION To understand the different aspects of risk management it is very important to first understand what exactly this whole practice is all about. Risk is basically...
11 Pages(2750 words)Assignment

Risk Management Paper

...? ID Lecturer Risk Management Risk management is defined as the identification, analysis and giving priority to risks which are followed by coordinated resources, all of which are aimed at minimizing, monitoring, controlling and limiting the probability of risks and impacting events. This is so done to maximize the opportunities that lie within the related folds. These risks can arise from the uncertainty that exists within the project failures, credit risk, financial markets, natural causes, disasters and accidents. There are different methods, definitions as well as goals when one discusses the tangents...
4 Pages(1000 words)Essay

Risk Management Paper

...?Risk Management Paper Introduction The risk management issue under review by my facility is hospital acquired infections or nosocomial infections. It is defined as any infection obtained from a health institution that is separate and distinct from the one for which the patient was admitted. Sometimes these infections could appear after discharge or during the patient’s hospital stay. They also refer to occupational infections among healthcare providers. MedWest Haywood Hospice and Palliative Care is my respective institution. It offers both post acute (home and hospice health) as well as inpatient services. The institution has a bed capacity of 112 and a...
6 Pages(1500 words)Assignment

Risk and Risk Management

...; and banks have integrated country risk assessment into their daily operations and use it as a tool for tasks such as strategic planning, marketing, and evaluation of the performance of their international portfolios. Therefore, a more appropriate term would be country risk management, a practice of which country risk assessment is but one element. LITERATURE REVIEW Defining country risk Country risk, for the international banker, is the potential for a loss of the assets a bank has loaned across borders in a foreign currency. A loss could be caused by a multitude of factors that renders a borrower unable to service or repay the loan...
20 Pages(5000 words)Essay

Information System Risk Management Paper

...Information System Risk Management Introduction Information Systems are important to synchronize the different tasks assigned to different groups within the organization. IS helps streamline business processes, guarantees efficiency, and makes the organization resilient to accept the internal and external changes smoothly. The situation today is such that organizations cannot manage without the IS. The value of the computers and the IS is well recognized not just by the managers and executives. It has also not escaped the attention of hackers and cyber-criminals who attempt to damage the system and the organization. Threats to an organization can be both from internal sources and external. While the motives may vary, the system... is...
6 Pages(1500 words)Essay

Risk Management / Organisational Risk

...retail operations. Moreover, the complexity and issues related to interdependency in the modern business scenario can also be considered as a major organisational risk in the global convenience stores segment. Based on these global risk aspects in the challenging business environment, this paper intends to discuss the concept of organisational risks and possible challenges that are faced by 7-Eleven in the global business exposure. Moreover, the discussion will also cover the areas concerning contemporary security issues faced by 7-Eleven along with developing effective responses in order to mitigate such challenges. In addition, the paper will also...
13 Pages(3250 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Risk Management Paper for FREE!

Contact Us