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Globalization and unemployment globalization

Paper type: Essay
Pages: 4 (960 words)
Categories: Globalization, Unemployment
Downloads: 32
Views: 5

Unemployment Insurance in USA “Unemployment Insurance is a program-established under Federal and State law-for income maintenance during periods of involuntary unemployment due to lack of work, which provides partial compensation for wage loss as a matter of right, with dignity and dispatch, to eligible individuals. It helps to maintain purchasing power and to stabilize the economy. It helps to prevent the dispersal of he employers’ trained work force, the sacrifice of skills and the breakdown of labor standards during temporary unemployment.

” (Quoted from a description of the Unemployment Insurance by the Department of Labor in 1955-see: http://www. doleta. gov/dialogue/tec-sec2. html) According to above quotation, American Unemployment Insurance (UI) System do help unemployed worker but for short period of time. It is to support the worker during his search for new job. The purpose of this system is to preserve the dignity of worker, along with making sure that his life standard is not moving down. However, the ultimate benefit of the system is that it supports economy to move smoothly.

(Christopher Ruhm 2000) After that, it is due responsibility of worker to keep seeking the job until he find. UI system is just to support the unemployed for short term, in the long run an unemployed can go to social security plan however. It can be said in US there is not any king of unemployment benefit it is just short term benefit. But in the current conditions it would be very hard for the workers to sustain in long run due to the non-availability of jobs. The help unemployed worker get under UI system is related to their past earning capacities. (Robert 1993)

Social Security Act, is the other way to get help in the long run but again there must be large numbers of unemployed workers and sort of economical crisis in the country to extend the duration of social security help. It has been observed that the people surviving under UI and Social Security Plans are forced to join substandard jobs at time. (Christopher Ruhm 2000) These are the two programs to support unemployed worker and to maintain the standard of living which ultimately in turn to smooth economic operations. (Historical Comparability 2006) Unemployment in Hong Kong.

As we know the world is facing recession. Almost every sector of each economy is facing a worse slum. Companies are intended to cut their cost to better respond and to survive from the recession. In doing so they are firing employees which are not more needed. This in turn creates much problem both economically and socially. In this context along with all economies Hong Kong is also facing increase in unemployment ratio. According to census and Statistics department Hong Kong, unemployment rate climbs up to 5%. It is an alarming situation to government and economy.

Earlier in 2003, Hong Kong had the worst situation in 2003 when its unemployment rate climbed up to 8. 3%. Three months back Hong Kong’s unemployment rate was 4. 6%. As noted in USA case last three months was bad for people at work. According to Matthew Cheung, Secretary for Labor and Welfare, he expected Matthew Cheung, Secretary for Labor and Welfare, he said, it was expected unemployment rate to rise even further, and that the tough times for the labor market is not over yet. (Unemployment rate in Hong Kong climbs to 5. 0%) The figures for unemployment rate are worse in last 34 months.

However, during February the figures were almost stable. Major sectors affected the recession are restaurants, building and construction, services, imports and exports. According to census and Statistics department Hong Kong, total number of job loss increased by 17500 from 3. 53 million to 3. 51 million during the recession period. Census and Statistics department Hong Kong also said, that the labor force is decreased by 3,200 i. e. from 3. 69 million to 3. 68 million. Considering this, the number of unemployed workers increases by 14,200 from 157,700 to 171,900.

As we see, labor market in Hong Kong is much affected the economic recession. However, government of Hong Kong is trying to put up a plan to help workers who lost their jobs and striving to search new one. This plan would help them financially to meet their expenses while searching for the job. (Unemployment rate in Hong Kong climbs to 5. 0%) Unemployment Related Assistance System of Hong Kong Hong Kong does not have unemployment support system. Hong Kong has reason for it, according to administration unemployed needs a job not financial support.

However, if an unemployed person finds it hard to seek the job and in need of some financial assistance too, he can get help by Comprehensive Social Security Assistance program. The assistance offered by this program is based on standards already made. The maximum and minimum standards under this program are $1965 and $1290 respectively. However, a family registered with CSSA can receive up to $9450 per month. It is to cover household expenses, rent, child school fee and daily expenses. The procedure to get this assistance is of one month. However, in urgent cases cash assistance can also be made same day the application received.

There is no limitation of time, one can carry on assistance in long run too. (Christopher Ruhm 2000) Unemployment Related Assistance USA vs. Hong Kong Similarities Both countries are offering their unemployed workers an assistance plan. One must be a resident of the country he is asking for assistance. Both countries provide assistance to make living easier for unemployed. An applicant must be the contributing member to claim the assistance. Both countries intended to provide social acceptance to their unemployed workers. Condition for applying through assistance are required that person should be searching for a job actively.

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Globalization and unemployment globalization. (2020, Jun 02). Retrieved from https://studymoose.com/globalization-unemployment-globalization-11499-new-essay

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