The Business Plan Essay Example | Topics and Well Written Essays - 2000 words

The Business Plan - Essay Example rder to create their own imagined designs of the cakes and in turn help our bakers to have as many designs as possible; hence our business will stand out among others. We value good customer service and therefore we will make sure that our service is up to date with the ever changing technology. This will keep us to the mark of competition and remain friendly to the customers. The bakery will belong to the partnership of 5 people. There are no bakeries in the area and therefore this will give us a break through. We only have few competitors as threats one of the major competitions is the big supermarkets, Milton, marsh and best choice bakery. Although economy has gone from good to bad it has not affected the bakery industry. â€Å"The consumer price index for food, an indicator of bakery product values, rose 4.7 percent in September 2011 compared to the same month in 2010† (â€Å"Hoovers†). We will focus on the changes in customers’ needs such as preference, pleasure, health, and convenience. Middle class citizens are mainly our targets. But we will also give the lower class people and opportunity to access our products in a well created section in our bakeries. These sections will have breads and cakes from one day old. We are going to have average prices but keep up to date the quality and quantity in our production. Our objective is to be able to attract from 200 customers and above. We expect the customers of all ages and regardless of their sex, religion, color, or race. If our prediction goes right, we will be able to make about $500 in any single day and this will translate into $13000 in a month. Because of the current technology we will be able to contact our customers through internet. That is by the use of all available social sites such as face book, twitter and so on. By having our own website we will be able to display all our products and service to hundreds of potential customers. We also plan on advertising our business to the local dailies,

Unethical Business Behavior (Monastato company) Essay

Unethical Business Behavior (Monastato company) - Essay Example Unethical Business Behavior (Monastato company) This can be furthered with the ideologies of libertarians or Aristotle, specifically which helps to develop a deeper understanding of what the moral and ethical problems are within a company. When analyzing Monsanto, an agricultural company, there is an understanding of the deeper problems of ethics as well as why this becomes important to alter with the company. Background of the Problem: The company Monastato was chosen because it is recognized as the top unethical company in the world. The company is located in Missouri and offers agricultural products to grocery stores. The company is known for providing genetically modified foods and seed to the world as well as agricultural products that are used to change the quality of foods. The company is known for being unethical first because of the approach taken to competition. If there is a farmer that is working ethically or which provides organic food, then Monsanto will try to sue them for offering the wrong products. The company’s strategy isn’t one based on winning or losing the suit, but instead of driving the farmers out of business because of the amount of money that is spent on putting them through court.The company moves beyond this with the foods and weed killer that is used. The particular company was chosen because of the current controversy which they are under as well as the controversies that are associated with the food and agriculture, both politically and in society. There are several that are now pressuring companies to begin altering the way in which food is provided with the concept of processing food and other components being difficult with those that are looking at the different processes for agriculture. The current health issues which many are facing and which are causing difficulties are leading to problems in becoming more renowned in political and social groups. Examining the different layers of Monsanto and the unethical behaviors that are associated with this then builds a deeper understanding of why it is important to pay attention to the problems that the company currently is sending to others while developing a deeper understanding of how ethics in terms of agricultural reform need to be reconsidered with this particular company as an example (Cesca, 2010: 1). Theories on Ethics The concepts that are associated with Monsanto relate directly to theories on ethics and the association which this creates with how the corporation needs to alter policies specifically for ethics. The first concept which can be looked into in terms of reform for ethics is the libertarian point of view. According to this viewpoint, every individual should have rights while restricting the political or corporate affiliations that are linked to this. More important, there needs to be a sense of independence and freedom that is associated with how one is able to maintain their own needs and concepts within society. This moves into the understanding that each individual has specific rights and expressions that are associated with the individual while creating the understanding that there needs to be a sense of balance with different needs. The belief is that this will associate with changes with class struggle as well as understanding wha t one’s natural rights are within society (Sandel, 2009: 60). The libertarian viewpoint is one which is looked at with the different policies and practices of Monsanto. The first is with

Health Insurance and Medicare Essay Example for Free

Health Insurance and Medicare Essay I. Introduction The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010 by President Barack Obama. Along with the Health Care and Education Reconciliation Act (HCERA), it represents the momentous transformation of the U.S. health care system. Its main goal is to decrease the amount of uninsured citizens as well as to reduce the overall costs of health care. It is a vastly complex reform that will affect many people in aspects of their health care, costs, and the country. There are many opinions about how this reform will affect the nation, some saying it will make us better off, others saying we will be worse off, and those who do not think it will make a difference. But regardless of these opinions, what the majority does agree on is that these laws may be difficult to understand and that many are not even aware of these changes. There are many problems that the health care industry is facing. The cost of health care may arguably be the most important factor that people are concerned about. Many think that health care policies and premiums are too expensive. Coupled with the fact that our population is aging, meaning that there will be more elder people with more health problems, health care costs are rapidly growing and take up a huge chunk of the federal budget. There are also many loopholes within the current health care system. Individuals who are looking to buy insurance can be denied based on their pre-existing conditions. Some insurance policies even have a lifetime limit on benefits. What all these examples basically sum up is that the people who are in need of health care the most are those who are also the most unlikely to be insured, or are under insured. In an attempt to address these issues, the PPACA and Reconciliation Act were established. The Health Care and Education Reconciliation Act was enacted to amend the PPACA. It is divided into two titles, one addressing the health reform and the other addressing student loan reform. It makes changes to some parts of the PPACA. That is why many people commonly refer to the overall health reform as just the PPACA. The most noted change this brings  is that it requires almost all citizens to have health care insurance, or to pay a penalty. Some examples and cases regarding this issue will be discussed later on. The PPACA also considerably expands public insurance as well as funds private insurance coverage. It will close loopholes such as setting life time limits as well as making it illegal to reject coverage for those with pre-existing conditions. In terms of affordability, the PPACA will expand Medicaid to cover low-income families and individuals across the nation. It also aims to cut down and reconstruct Medicare spending, which will be the main focus of this paper. II. The Impacts of the PPACA and HCERA on Medicare and Health Physicians The PPACA is made up of 10 titles. I will be discussing selected provisions in Titles II, III, IV, and V regarding Medicare. These include program modifications and payment to Medicare’s fee-for-service program, the Medicare Advantage, prescription drug programs, Medicare’s payment process, changes to address, waste, fraud, and abuse, and other miscellaneous Medicare changes. As for the HCERA, the first title has provisions detailing health care and revenues. Subtitle B of Title I involves provisions that change provisions PPACA relevant to those listed above (Medicare Advantage, fee-for-service, and prescription drug programs). Subtitle D has provisions regarding decreasing fraud, abuse, and waste in Medicare. Subtitle E discuses revenue related provisions such as a provision that changes Medicare tax provision in PPACA. A. Impacts on Medicare According to the Congressional Budget Office (CBO), the provisions in PPACA as amended by the HCERA will reduce direct spending by an estimated $390 billion (CRS, 2010). The provisions that are predicted to produce the largest savings include the following: (1) developing an Independent Payment Advisory Board to create changes in Medicare payment rates is presumed to save about $16 billion (2) decreasing Medicare payments to hospitals that aid a vast number of low-income patients, is expected to reduce expenditures by an estimated $22 billion (3) permanent deductions to Medicare’s fee-for-service payment rates (4) changing the high-income adjustment for Part B premiums, and (5) making maximum payment rates in Medicare Advantage closer to spending in fee-for-service Medicare. However, it is critical to  note that these are just estimates. Medicare is made up of four parts that are each accountable for paying for various benefits, dependent on different eligibility criteria. Under traditional Medicare, Part A and Part B services are usually paid by a fee-for-service basis (services supplied to a patient is reimbursed through a separate payment). Part A supplies coverage for skilled nursing facility (SNF) services, inpatient hospital services, hospice care, and home health care, which are subject to some limitations. Provisions that reduce Part A spending make up a large part of the savings related to this legislation through either payment changes or constraining payment updates. PPACA will alter Medicare’s payment updates to Part A hospitals to account for cost savings, which will significantly reduce Medicare spending in the next 10 years. Under PPACA (Title III Subtitle A Section 3001), beginning for discharges on October 1, 2012 hospitals will acquire value-based incentive payments from Medicare. The first year of the value based purchasing (VBP) program will aim at collecting data and assessing performance. Starting in 2013, adjustments to hospital payments will be made based on performance by the VBP program. There will also be VBP standards established (i.e. levels of improvement and accomplishments), as well as a method for assessing how hospitals perform. Hospitals with the highest score will obtain the biggest VBP payments. Those that meet or go beyond the standards are able to receive an increased DRG payment for each discharge within the year. However, to provide for these VBP incentive payments the DRG payments will be reduced by a certain percentage: 1.0% in 2013; 1.25% in 2014; 1.5% in 2015; 1.75% in 2016; and 2.0% in 2017. An alternate choice to receive covered benefits would be Medicare Advantage (MA). Private health plans are paid a per person amount to supply all Medicare-covered benefits to those who enroll in the plan under MA. The payments made to MA plans are decided by comparing the maximum amount Medicare will pay for benefits with a plan’s cost of providing those required benefits. If the plan’s cost is below the maximum, then it is paid  the cost plus a rebate equal to 75% of the difference to the maximum. But if the plan’s cost is above the maximum, then it is paid and must also charge the enrollee the difference between the cost and the maximum. PPACA modifies how the maximum payment is decided. Beginning in 2012, it will implement benchmarks (maximum amount Medicare will pay for benefits) calculated as a percentage of per capita FFS Medicare spending. It will also increase benchmarks depending on the quality of the plan. Those with a high quality rating will get an increase in their benchmark while new plans or those with lesser enrollments may also qualify to get an increase. PPACA will also vary the plan rebates based on quality with new rebates set from 50% to 70%. In regards to changes affecting Medicare’s prescription drug benefits, the health reform makes a few changes to the Medicare Part D program. PPACA increases the premiums held by higher income enrollees. The income standards are set to be at the same manner and level as that in Part B. Beginning in 2011, those enrolled in Part D will have a 50% discount for drugs during the coverage gap. In extension, HCERA will supply a rebate of $250 to those who enter the gap in 2010. Hopefully this phases out the â€Å"donut hole† (coverage gap) by slowly lessening the cost-sharing and coverage gap for generic and brand name drugs. Medicare’s finances are operated through two trust funds, the Hospital Insurance (HI) and the Supplementary Medical Insurance (SMI) trust fund. The main provider of income to the HI fund, which pays for Medicare Part A, is the payroll taxes paid by employers and employees. Medicare Part B and D are funded by general revenues and monthly premiums. In addition to all the previous provisions addressing Medicare’s financial issues, there is another precautionary step being taken. The PPACA has a provision to establish an Independent Payment Advisory Board with the goal of decreasing Medicare spending. B. Impacts on Physicians The PPACA and HCERA make various changes to the Medicare program, which in turn affects physicians and how they practice. Some of these provisions have clear consequences, such as immediately changing physician reimbursement, while others have indirect influences on how physicians may practice in the  future by modifying the incentives to improve the delivery and quality of care. PPACA broadens the Medicare Physician Quality and Reporting Initiative (PQRI) incentive payments though 2014 and administers a penalty for those who fail to report quality measures starting in 2015. It also supplies for a further bonus to physicians who meet the requirements of an assessment program, such as the Maintenance of Certification Program, while penalizes the physicians who fail to meet those standards in the future. Under Section 3002 of Title III, Medicare claims data will be used to provide reports to physicians that measure resources used to provide care for Medicare beneficiaries. Under Section 3007 of Title III, the Secretary of HHS is obliged to create and administer a separate payment modifier to the Medicare physician fee schedule. This payment should be based on the relative cost and quality of the care provided by physicians. The quality of care should be assessed based on risk-adjusted measure of quality determined by the Secretary. Costs are also assessed based on measures determined by the Secretary. Risk factors such as ethnicity, demographic, socioeconomic characteristics, and health status should be taken into account. By January 1, 2012 these explicit measures of cost and quality, along with implementation dates of the adjusted payments should be published. III. Regulations Implementation With such significant changes and provisions being made, there should be a way to keep track of how each is being regulated and implemented. I will discuss the regulations, time limits, and effective dates on how each are being done so by year. The first changes of 2010 start with Medicare provider rates. This includes reductions in the annual market basket updates for hospital services. Currently, there have been productivity adjustments added to market basket update in 2012. The Centers for Medicare and Medicaid Services (CMS) have issued these updates for varying provider types starting in August 2010. The  implementation of the Medicare Beneficiary drug rebate, which supplies a $250 rebate to those in the Part D coverage gap, started January 1, 2010. In May 2010, the CMS published a brochure containing information about the coverage gap in Medicare Part D. As of March 22, 2011, about 3.8 million people have received the $250 rebate (HHS, 2011). As for closing the Medicare drug coverage gap, on December 17, 2010 CMS sent a letter to pharmaceutical companies addressing guidelines to the Medicare Coverage Gap Discount Program. This program became effective on January 1, 2011. Moving onto provisions implemented in 2011, Medicare payments for primary care will provide a 10% bonus payment for services. It will also provide the same bonus to general surgeons working in areas with a shortage of health professionals. This is being implemented starting in January 1, 2011 through December 2015. As for the MA payment changes, they will restructure payment to private plans and prohibit higher cost-sharing requirements. This has been in effect since January 1, 2011. The CMS issued a notice to MA plans in April 2010 addressing the freeze in 2011 payment rates at 2010 levels. A Medicare Independent Payment Advisory Board made up of 15 individuals to arrange proposals and recommendations to decrease the per capita rate of growth in spending if it exceeds targeted rates was planned to be established. On October 1, 2011, funding was made available and the first proposals are due January 15, 2014. In 2012, the second part of the MA plan payments, which reduce rebates paid and provide bonuses to high quality plans, went into effect on January 1, 2012. On February 28, 2012 the CMS sent out a letter to MA plans addressing the payment rates for 2012. Fraud and abuse prevention was also implemented on January 1, 2012. It establishes procedures for screening and reporting those who participate in Medicare. On March 23, 2011 CMS issued a notice addressing the fee that providers would have to pay to fund the screenings. Later on in the year, on October 1, 2012 Medicare value based purchasing was put into effect. This creates a program to pay hospitals based on their quality of performance. This coming year in 2013, there will be a few provisions to come into effect  starting off the new year. On January 1, 2013 the Medicare tax increase (increases the Medicare Part A tax rate on wages by 0.9% on incomes of $200,000), Medicare bundle payment pilot program (program to create and assess payments for certain services), and the latter part of the prescription drug coverage gap (reducing coinsurance) will be put into effect. As for 2014, the last of the Medicare provisions will be implemented. The Medicare Advantage plan loss ratios are mandated to be no less than 85%; this will begin at the start of the year on January 1, 2014. The second implementation for that year will be Medicare payments for hospital-acquired infections; it will decrease payments to those hospitals for their hospital-aquired conditions by 1% and this process will continue onto 2015. IV. Cases Challenging PPACA When the PPACA and HCERA were signed into law, many people opposed and sued claiming that the reform was unconstitutional for a number of reasons. The most controversial was the mandate that require most citizens to obtain health insurance coverage, and if failing to do so would have to pay a penalty in the form of an individual tax. Another debated provision was the expansion of the Medicaid program to cover even more individuals, such as those with low income. All of these separate cases were then merged into a single case, The National Federation of Independent Business v. Sebelius, 567 U.S. (2012). When ruled, it was a momentous Supreme Court decision in which the Court maintained Congress’s authority to enact the provisions of the Affordable Care Act and the Reconciliation Act. In December 2011, it was announced that there would be a 6 hour oral argumentation heard by the Court over a time span of three days beginning on March 26, 2012 and ending on March 28, 2012 discussing varying debatable topics of these provisions. By a vote of 5 to 4, the Court maintained the Individual Mandate aspect of the PPACA as a binding exercise of Congress’s authority to lay and collect taxes. The critical characterization of this financial penalty as a tax is what passed the mandate as constitutional. Preceding this landmark case there were many previous hearings held, all  having similar conflicting opinions. The Eleventh Circuit was also dealing with arguments in relative cases challenging PPACA. While it was assumed that the Fourth Circuit, which had heard oral arguments before the Eleventh Circuit, would issue a decision on PPACA first, the Eleventh Circuit was actually the second to issue its opinion, on August 12, 2011. In Florida ex rel. Bondi v. U.S. Department of Health Human Services (2011) the plaintiffs of the case were two private individuals, the National Federation of Independent Business, and 26 individual states. The Eleventh Circuit then published a 300-plus page opinion finding by a 2:1 majority that the Individual Mandate (requiring health insurance coverage) is unconstitutional, and thus created a split of authority between the two Circuits. The Eleventh Circuit heard this appeal from the United States District Court for the Northern District of Florida, which saw the Individual Mandate to be an unconstitutional exercise of Congress’s authority. The district court also found that the Individual Mandate was not applicable to the rest of the PPACA, meaning that the whole act was invalid. The plaintiffs in the district court case also debated that the PPACA’s expansion of Medicaid was unconstitutional, but the district court granted the government judgment on that issue and the Eleventh Circuit agreed to that court’s decision. These two cases show how divided opinions can be and how difficult it was and is to pass a health reform law. Opinions are still divided, concerning many aspects such as the Medicaid expansion, the Commerce Clause, and the Necessary and Proper Clause. On the issue of Medicaid expansion, no one, single opinion had the support of the majority of the Justices. Also, on the issue of if the Individual Mandate was within the authority of Congress under the Commerce Clause and the Necessary and Proper Clause, again there was no single opinion that was supported by the majority of the Court. Despite all these controversies, and even though the act has passed, there are still those who are continuing to pursue litigation in order to repeal and defeat the PPACA. V. Conclusion Medicare spending has been increasing much more rapidly compared to the general economy, and this definitely raises concerns about Medicare’s  long-term sustainability. The provisions in the Affordable Care Act and the Reconciliation Act were established to decrease Medicare program costs by about $390 billion over the following 10 years through modifications in payments to various providers, by leveling payment rates between fee-for-service Medicare and Medicare Advantage, and by boosting efficiencies of how health services are delivered and paid for. Overall, the PPACA and HCERA are momentous pieces of legislation that will restructure the future of the U.S. health care system. It is still unclear of how well these provisions have been implemented, with some still having yet to be so. The main concern is probably how well costs will be contained or reduced. With all of these new taxes, hopefully the reform will actually reduce the federal deficit over the next ten years that these provisions are being implemented. There is still much work to be done within the next few years, to see how this reform works out. Many people are glad that it has passed and support this reform as well as encourage it to be expanded, while others oppose the reform arguing that it creates too much government involvement in the issue. But since it has passed and is enacted in the present, people should make use of what is being provided. Some are not even aware of the changes in the health care industry and are oblivious to how they are being affected. That is why it is important to stay informed and make decisions, after all this is what directly affects your future. References CRS Analysis of CBO (March 20, 2010). Estimates of the effects of PPACA and the Reconciliation Act combined. Congressional Budget Office. Retrieved October 31, 2012 from: http://www.cbo.gov/ftpdocs/113xx/doc11379/AmendReconProp.pdf Barrett, Paul M. (June 28, 2012). Supreme Court Supports Obamacare, Bolsters Obama. Bloomberg Businessweek. Retrieved November 3, 2012 from: http://www.businessweek.com/articles/2012-06-28/supreme-court-supports-obamacare-and-bolsters-obama Congressional Budget Office (March 2009). An Analysis of Health Insurance Premiums Under the Patient Protection and Affordable Care Act. Letter to the Honorable Evan Bayh. Congressional Budget Office, Washington, DC. Retrieved November 3, 2012 from: http://www.cbo.gov/doc.cfm?index=10781. Kaizer, J. (2010). Implementation Timeline. Health Reform Source. Retrieved November 5, 2012 from: http://healthreform.kff.org/timeline.aspx Hilgers, David W. (February 2012) Physicians post-PPACA: not going bust at the healthcare buffet. The Health Lawyer, Vol. 24. Retrieved November 4, 2012 from: http://www.americanbar.org/content/dam/aba/publishing/health_lawyer/health_mo_premium_hl_healthlawyer_v24_2403 Pozgar, George D. (2009). Legal essentials of health care administration. Missisauga, Ontario: Jones and Bartlett Publishers, Michael Brown. National Federation of Independent Business v. Sebelius, Secretary of Health Human Services 567 U.S. (2012) No. 11-393 Argued March 26-28, 2012 – Decided June 28, 2012 Florida ex rel. Bondi v. U.S. Department of Health a Human Services, 780 F.Supp. 2d. 1256 (N.D. Fla. 2011), order clarified by 780 F.Supp. 2d. 1307. (N.D. Fla. 2011).

Corporate Rescue Mechanisms of Judicial Management

Corporate Rescue Mechanisms of Judicial Management Two new insolvency processes was introduced by the Companies Act 2016 which are corporate rescue mechanisms of judicial management and corporate voluntary arrangement. These mechanisms aim to facilitate rehabilitation of company in the event of corporate insolvency to allow companies to restructure its debts and at the same time able to continue with its business as opposed to the only way of winding up under the old rule, subject to some conditions. Judicial management Judicial management as the name suggests is an order granted by court by way of application by the companys creditor or director. From the time an application is made, and for the duration of any judicial management order made, a moratorium will be in force.[1]Once order is granted, an insolvency practitioner or judicial manager will based on powers vest him,take charge of companys assets for over a period of six months which the order is in force and could be extended for another six months. The said insolvency practitioner or judicial managerwill first make a restructuring proposal for creditors approval which will be obtained by the creditors meeting and voting[2]. A majority approval of 75% of present creditors is required and the effect of restructuring proposal being approved is the proposal becomes binding on all creditors. Judicial management will not be available to institutions regulated by Capital Markets and services Act 2007 and Central Bank of Malaysia.[3] Besides that, judicial management order will only be granted if in applicant successfully show that there is a possibility of rehabilitation and by allowing such order creditors interest will be protected better than winding up process will. Corporate voluntary arrangement Corporate voluntary arrangement may be carried out betweencompanies with their unsecured creditors with minimal courts intervention. It will not be available to company with charge over its properties, public companies and similar with judicial management, institutions regulated by Capital Markets and services Act 2007 and Central Bank of Malaysia. Application for corporate voluntary arrangement could be made by companys director or judicial manager to the court which moratorium commences from this moment onwards. Application is to be supported with an insolvency practitioners statement on his opinion that the arrangement should be approved or disproved based on whether companys funds allow it to continue with its business. Unlike judicial management, under corporate voluntary arrangement there is a time limit to moratorium. After application to court an automatic moratorium kicks in for twenty eight days during which no legal action may commence against the said company[4]. Approval and the subsequent effect is the same as required under judicial management and the creditors meeting should be done within this moratorium period, upon which the moratorium ends. It could be extended for another sixty days by majority approval during said creditors meeting. The Companies Act 2016 also implemented added security feature by way of an insolvency test under s 112[5] to protect rights of parties trading with the company and rights of the creditors. Different solvency test applies for different circumstances but in overall, directors are to sign a solvency statement to declare that the company is solvent for the purpose of declaring dividend, share buyback and redemption of preference share, reduction of share capital or financial assistance. Insolvency-related amendments Companies Act 2016 has also incorporated some insolvency-related amendments, with the strengthening of the laws on receivership, winding up and schemes of arrangement. Receivership The receivership provisions in the CA 2016 substantially expand on the existing provisions in the Act. Section 375 and section 376 of CA 2016 set out the manner of appointing a receiver or a receiver and manager under an instrument or by the Court. S. 375(2)(a) of CA 2016 expressly sets out the agency status of a receiver appointed under a power conferred by an instrument. On part of receivers liability, section 182 of CA 1965 provides receiver to be liable for debts incurred by him in the course of the receivership or possession. The same is incorporated in section 381 of the CA 2016. Further to that, section 382 imposes personal liability on the receiver. Section 383 codified express powers of a receiver which are set out in the Sixth Schedule of the CA 2016. Presently, a receiver would have to derive his powers which expressly or impliedly conferred by Court. Winding up On the changes of winding up related sections, it can be noted that petition for winding up under section 218 CA1965 is generally presented subsequent to a final judgment. In the CA 2016, petition may also be presented without a judgment but after service of a s.218equivalent to section 466(1)(a) Notice of Demand pursuant to specifying the debt. In CA 1965, there is no time limit to file petition to wind up a company after the issuance of the statutory notice under s. 218(2)(a). CA 2016 in s. 466(2) now requires a petition to be filed in Court within six months of the statutory notice. This imposes time limitation for s.218 notice in order to curb abuse and to set useful timelines for potential settlement processes. Presently s.218(1)(m) and (n) permits the Court to order a winding up if a company is being used for unlawful purposes or any purpose prejudicial to national security or public interest or incompatible with peace, welfare, public order, security, good order or morality in Malaysia. S.465(2) of CA 2016 provides that, a finding by the Registrar that a company is being used for such purposes shall be received as prima facie evidence until proven otherwise. The effect is to reverse the burden of proof which then place on company to disprove the existence of the state of affairs said to exist by the Registrar in commencing the winding up action Section 218(2) has given minimum statutory amount for which a company may be presumed to be unable to pay its debts is RM500. Section 466 CA 2016 provides the amount now is to be prescribed by the Minister. Under the present s.223 CA 1965, all dispositions made after the commencement of the winding up by the Court are void unless the Court otherwise orders. Whereas s.472 CA 2016 provide exception to allow exempt dispositions which are defined as dispositions made by a liquidator, or by an interim liquidator,pursuant to a power conferred on them by the Act or rules of the Court that appointed them or by an order of the Court. This may facilitate the liquidators in carrying out their function as part of winding up process to liquidate the assets of the company as part of the without having to seek validation orders each time a disposition is made. S.493 CA 2016 is a new provision giving the Court power to terminate the winding up process. Currently termination of a winding up order is by way of a permanent stay under s.243which given court power to stay winding up. The same section is also used to seek a stay of winding up proceedings pending an appeal and this has continued to cause confusion. Cessation of a winding up as the power to stay in s.492 and the power to terminate in s.493 are clearly segregated. Twelfth schedule of CA 2016 sets out both the powers of a liquidator requiring the authority of the Court or a committee of inspection and powers which may be exercised independently of the same.Notable changes on s.236 CA1965 include the power to carry on the business of the company which increase from four weeks to 180 days after the date of the winding up order, to compromise debts not exceeding RM10,000which currently RM1,500 under s.236(2)(b) due to the company without approval of the Court/COI. This would enhanced the roles of liquidators to facilitate the smooth process of liquidation. Further, CA 2016 also provide more protection to employees as unsecured creditors under s.292(1)(b). The upper limit for the payment of wages or salary in the distribution of a companys property increased from RM5,000 to RM15,000 under s.527(1)(b) of CA 2016 Scheme of arrangement The scheme of arrangement provisions remains largely the same except for two of the more significant changes. In s.367 of CA 2016, upon application, the court may appoint an approved liquidator to assess the viability of a proposed scheme and prepare a report for submission to the meeting of creditors and members. This would enable an independent professional in the field of insolvency to determine the viability of the scheme and take into account the interests of all the stakeholders. Currently under s.176(10A) CA 1965 the court may grant a restraining order for not more than 90 days. Under s.368(2) CA 2016 the restraining order may be extended by court for not more than 9 months upon application to court. Further, s.176(10D) CA 1965 provides company disposes or acquires any property, other than in the ordinary course of its business, without leave of the Court, liable for monetary punishment of RM1 million. In CA 2016, the amount has increased to RM3 million as provided in s.368(7). [1]Malaysia: New Malaysian insolvency laws (2016) Available online http://restructuring.bakermckenzie.com/2016/11/06/malaysia-new-malaysian-insolvency-laws/ (Accessed on: 19th January 2017) [2]Malaysias New Insolvency Regime (2016) Available online http://www.klgates.com/malaysias-new-insolvency-regime-07-05-2016/   (Accessed on 20th January 2017) [3]Reform in the Malaysian Corporate Landscape Key Highlights under the New Companies Act (2016) Available online https://www2.deloitte.com/content/dam/Deloitte/my/Documents/tax/my-tax-espresso-reform-in-the-malaysian-corporate-landscape.pdf   (Accessed on 20th January 2017) [4] Corporate voluntary arragement (2016) Available online http://www.chooi.com.my/pdf/Chooi_Companies_Act_2016_corporate_voluntary_arrangement_975866_1.pdf ( Accessed on 21st January 2017) [5] Companies Act 2016, s 112

Kidney Stones :: essays research papers

Kidney Stones The medical term for kidney stones is Nephrolithiasis or Renal Calculi. A kidney stone is a solid lump that can be as small as a grain of sand and as large as a golf ball made up of crystals that separate from urine and build up on the inner surfaces of the kidney. A kidney stone that does not pass on out can block the urinary tract. This blockage will probably cause a lot of pain. If medical attention is not received to identify the cause of the pain and remove the blockage, the pain is likely to go away over a few days. This usually will cause the sufferer to think that the problem is over with but it actually has not. The problem that had actually happened was that the kidney that had been blocked has now shut down. This kidney, if left untreated for just a few days, can lead to a permanent loss of the kidney.   Ã‚  Ã‚  Ã‚  Ã‚  There are many potential causes of a kidney stone. They are formed from any of the following, or even two of the following:  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  a family genetic predisposition to form stone  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  to local water or soil conditions  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  intake of excess uric acid, certain medications, Vitamin C, or Vitamin D  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  a diet of fruits and vegetables high in oxalate  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  long term dehydration and its resulting concentration of urine  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  urinary infection  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  living in an area where high temperatures cause sweating and loss of fluids  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  possibly, just leading a low physical activity lifestyle Doctors and other physicians say that the best two ways to prevent this disease from happening is to keep yourself well hydrated at all times. This is best done by drinking 2 or 3 cups of water a day and to only eat/drink a certain amount of the following foods:  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  apples ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  asparagus ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  beer ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  beets ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  berries, various ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  black pepper ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  broccoli  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚ ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  cheese ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  chocolate ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  cocoa ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  coffee ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  cola drinks ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  collards ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  figs   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚ ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  grapes ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  ice cream ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  milk ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  oranges ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  parsley ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  peanut butter ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  pineapples  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚ ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  spinach ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Swiss chard ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  rhubarb ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  tea ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  turnips ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  vitamin C ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  yogurt   Ã‚  Ã‚  Ã‚  Ã‚   If the kidney stone is larger than 1/4 inch in diameter it will most likely pass through the kidney without any medical treatments except for the pain killers to help the patient make it through the kidney stone episode which may last for several days. Those between 1/4 inch and 1/2 inch in diameter are less likely to pass on their own as they get larger. If the kidney stone is larger than 1/2 inch in diameter it will likely need to be either removed by surgery or by lithrotripsy. Lithrotripsy is the process of killing the stone by using

Clothing in Hawthornes The Scarlet Letter Essay -- essays research pa

Clothing: A Form of Rebellion â€Å"Symbols are objects, characters, figures, or colors used by the author to represent abstract ideas or concepts.† Symbolism in literature is the depth and hidden meaning in any piece of work. The Scarlet Letter, by Nathaniel Hawthorne is a powerful and evocative novel laced with symbolism. The most obvious is the symbol of the scarlet letter itself, representing Hester’s sin of adultery. Hawthorne’s other symbols are less obvious and are very often obscured in the novel. Clothing is an important but often forgotten symbol in The Scarlet Letter. Clothing is defined as â€Å"garments collectively, clothes, raiment, apparel†¦ a covering† (dictionary.com). The second part of the definition, which describes clothing as â€Å"a covering† is the most relevant to its symbolism in the novel (dictionary.com). Hester is a seamstress and uses it as her source of income to support herself and her daughter Pearl. Hester uses clothing as a covering or escape from her sentence of having to wear the scarlet letter on her bosom all the time. The connotation of the word throughout the novel is a form of rebellion. Her work supplies an outlet for Hester’s artistic sensibilities, which she exercises in the work she does for others and in the clothes she embroiders for Pearl. With Pearl’s attire, Hester can give â€Å"the gorgeous tendencies of her imagination their full play† (Scarlet). Hester dresses Pearl in bright colors rather than the dark, drab colors that were so prevalently worn in Puritan society. In Chapter 1, the beginning scene of the novel, Hawthorne describes a group of Puritans in front of the prison. They were wearing â€Å"sad-colored garments and gray†¦hats.† Some were wearing hoods (Scarlet 42). Already Hawthorne is sh... ...l anyone of his crime. Moreover, clothing has vague significance because the reverend is wearing a black veil, like Chillingworth who wears black all the time, and that gives insight to his evil nature. In conclusion, clothing is used for multiple reasons in the novel. Hester uses it as a form of rebellion, it is her way to express her feelings through garments. In addition, it is her way of rebelling against Puritan society, by dressing Pearl in colors much not the norm to the society. In addition, clothing is also used to reflect character and situation in the novel. The clothes worn by Chillingworth and by the witch foreshadow their character. Colors of clothing are also important. The use of bright colors, such as crimson, and gold conveys how dissimilar Hester and Pearl are viewed by the Puritan society, which generally dresses in plain, emotionless colors.

Changing Attitude Towards Child Sex Preference Essay

This paper focuses on the intensity of preference for sons over daughters in anticipation of old age security both physically and financially, and its impact on the care and support/ well-being of the elderly in Nigeria in general, and in particular among the Yoruba of Southwest. The paper examines the impact of social change on child sex preference as old age security. Before delving into the theme of the paper, the concept of social change was briefly discussed. The reasons for having children generally are discussed, child sex preference among the elderly were equally analyzed; the pattern it took before now, the changes that have occurred and the attitude of parents toward child sex preference as old age security in the contemporary Nigerian society were equally examined. The effects of sex preference and other socio-economic factors on the status of the elderly and its implications for the family were mentioned. Various literature and theoretical models on the subject matter were reviewed and finally, a general conclusion was drawn. Introduction Startling transformations have occurred all over the world, particularly on the mode of caring and supporting of older persons and there are a number of important issues, which arise as a result of these transformations and the major structural shift in the population. One of these issues is the concern of social gerontologists for the needs of older people for support in the society. Although, it should be mentioned at this uncture that this transformation (that is, social change) affects different people in different ways, depending on sex, location, size of cohort, economic resources (individual, familial and national), norms inherited from the past and individual’s live experiences and personality. For example, marital status and earlier patterns of childbearing are significant factors influencing the nature of the support available in old age. While co-residence of older persons and adult children is common in many developing countries, the tendency worldwide is for this arrangement to become less common. This has direct consequences for economic security, especially in the numerous societies (and particularly, their rural sectors), where pensions are paid only to a small proportion of older persons who are eligible because of earlier employment in the former sectors or few older persons who were able to save or invest for their old age. Even in countries where pensions are more generally available, the burden of an ageing population is increasingly being regarded as unsustainable, particularly since there is an increasing tendency for those able to do so to take early retirement. For many, especially women, there is a real threat of poverty in old-age, and this problem may be exacerbated by social exclusions and the deteriorating health conditions experienced by many older persons particularly, women at more advanced ages. Care of the frail and disabled becomes increasingly problematic, both in terms of stress placed on care providers and care-givers and also the mobilization of the appropriate resources of families, agencies and programmes to meet even the basic needs of older persons. According to Peil (1991), as life expectancy rises, young couples are more likely to be called upon to provide for their older parents than these parents were at the same stage of the life cycle, at a time when increasing emphasis on educating one’s children, rampant inflation and widespread unemployment of young adults make adequate provisions for older parents difficult. The situation among older people without children of their own were even more pathetic. For instance, old people who have no living children tend to risk the chances of isolation and lack of support. Personality is another very crucial factor to be considered; this is because, personality can make considerable difference to the help received. For example, an older person who was hard to get along with is more likely to lack support than the cheerful old person who gets along well with family and neighbours (Peil, 1991). All these are important variables, which determine whether individuals will receive adequate care and support from family and society. It is evident from the various literature that, very little attention has been paid to older people of modern industrializing societies of the world. In Nigeria for example, as well as in most developing countries, the need to plan for the welfare of older persons has received very little attention. There are clear evidences of lack of formal social support services for older people in Nigeria, such as Social Securiy, Pension, Health Insurance Scheme, Old Peoples Home, etc. One of the explanatory factors arises from the belief that the existing extended family system generally protects and provides for the welfare of old people in rural and agricultural societies. Hence, where an older person is childless, his/her brothers or sisters or even the children of his siblings are believed to be responsible for his/her maintenance. This may not be unconnected with why most policies, programmes and projects in the developing countries such as Nigeria have been concentrated on the children and the youths at the expense of older persons in the country. Both national and international organizations are seen working tirelessly on programmes and projects that would benefit the children and the youths, forgetting that the children and the youths of today would be the adult and older persons in the near future. Such beliefs and practices give the impression that the aged, unlike children, represent a discomforting second-order dependency on the younger working generation. But it should be mentioned at this juncture that old people are not always dependent on others for survival. For example, old age may not necessarily symbolize dependency especially in modern Nigeria in which the possession of landed property by older people and access to business opportunities may earn them some income. Hence, while it is generally believed that old people in general depend on the younger people for their survival, it can be equally true that some younger people do depend on such old people for their survival. In fact, some older persons in Nigeria may be rich enough to provide educational assistance for the children of their brothers and sisters as well as their own. Put differently, the prevailing view of older people as a ‘social problem’ emphasizes the ‘burden’ of older people in the population. This negative and blinkered vision has almost entirely neglected the provision of care by older people themselves, although there are some notable exceptions. It should also be said that prevailing ‘social problem’ focus has stigmatized older people as a dependent and unproductive group. This negative stereotyping is partly because of invisibility of informal work as a contribution to society. Older people are givers as well as receivers through their substantial caring for other older people, unpaid domestic work, care for grandchildren and voluntary work. However, it should be mentioned that differences occur between male and female in terms of access to, and possession of wealth in the society. This, in turn, leads to differences in the care and support given and received by older men and women in the society. This we must emphasized has affected older persons’ attitude towards child sex preference as old age security globally and particularly in Nigeria society. A pronounced preference of parents to have male children has been noted in a number of countries, although a desire for a balanced number of sons and daughters is also common (Williamson, 1976; Arnold and Kuo, 1984). Son preference is particularly prevalent in countries with strong patriarchal system or tradition (Cleland, Verrall, and Vaessen, 1983; Cho, Arnold, and Kwon, 1982; Freedman and Coombs, 1994). The extent of son preference has been the subject of considerable discussion and debate in most literature. Sons are preferred for a variety of reasons, including family name propagation, old age security, provision of labour, and the performance of ancestral rites (Wolf, 1985; Zhao and Zhu, 1983). Also, the Fifth National Women’s Congress (1983); Haupt (1983); Li (1982); Liu (1984); Tien (1985); Wolf (1985); all maintained that traditionally, sons were considered advantageous for two economic reasons, namely: support for their parents in old age and the provision of labour for the farm or family business. They argued further that the former is still an important consideration in most societies, despite the recent introduction of some forms of social security. So much has been written about social change that it is really not of much use for us to start a process of seeking definitions. At the level of the daily lives of ordinary citizens, it is even doubtful whether our people are really interested, one way or the other, in what intellectual ideas may really be. It is the manifestations of their collective cynicism towards this concept that one feels ought to worry us, unless we are able to capture the reasons for this drift, we run the risk of merely speaking to ourselves. The concept of social change may mean different things to different people, depending on the available indicators in any given social milieu. Many sociologists view social change in the structure of society or alteration of the social structure (Morris Ginsberg, 1958:205). Others stress that social change is not only a change in the structure, but also in the functioning of society. According to Allen, (1971:39) social change comprises modifications in social systems or subsystems in structure, functioning, or process over some period of time. It should be mentioned at this juncture that quiet a number of scholars have adopted a number of different definitions/approaches to the study of social change at various levels. (For more details see Amitai (1964), Appelbaum (1970), DeVries, (1961), Peter, (1966), Moore & Ogburn, (1922), etc. ) In spite of the cynical attitudes of the people about the concept of social change, effort is made to give a working definition of social change within the context of this paper. Social change within the context of this paper can be defined as he transformation of culture and social institutions over time. It should be mentioned at this juncture that our society has experienced social change over the past two or more centuries. Nigeria, like any other country of the world, has changed particularly, in the area of agriculture, urbanization, industrialization, family/personal relationships. Social change has influenced nearly every aspect of our life. Although, we should also mention here that people are not equally affected by these changes. This is because social change affects different people in different ways, depending on sex, age, work experience, location, class, size of cohort, economic resources (individual, familial and national), norms inherited from the past, individual’s live experiences and personality. All these are important variables, which determine how individuals are advantaged or disadvantaged by their position. Reasons for having children In many Third World countries or societies, having a large family is an eminently rational strategy of survival. Children’s labour particularly that of sons is a vital part of the family economy in many peasant communities of Africa in general, and in Nigeria in particular. Children help on the fields, tend animals, fetch water and wood, and care for their younger brothers and sisters freeing their parents for other tasks. Quite early in life, children’s labour makes them an asset rather than a liability on family income (Betsy Hartman, 1998) . In urban settings, children often earn income as servants, messengers, etc, or else stay at home to care for younger children while their parents’ work. Among the Yoruba community in Nigeria, demographer John Caldwell (1982) found that even urban professional families benefit from many children through ‘sibling assistance chains’. As one child completes education and takes a job, he or she helps younger brothers and sisters move up the educational and employment ladder, thus the connections and the influence of the family spread. Another reason for having many children, according to Cain (1983) is security. According to him, in many Third World societies, the vast majority of the population has no access to insurance schemes, pension plans, or government social security. For instance, in Nigeria, little or nothing is known, said or done about social security, i. e. about how to guarantee the individual against want, poverty, destitution, disease and idleness which may be thrust upon him by the varied hazards and vicissitudes of social life: notably loss or suspension of income or means of sustenance, resulting from sickness, maternity, injury, invalidity, old age, death of a breadwinner or unemployment. According to Nwabueze (1989) there is no clear statement of policy regarding social security and little is spent on it by the state, except in the capacity of the employer. This neglect manifests itself in the hordes of the elderly people engaged in public alms solicitation in our urban cities in the country at large, and most especially in southwestern Nigeria. One of the reasons adduced for the policy neglect is that, children are expected to care for their parents in their old age. Without them, one’s future is endangered. The help of grown up children, particularly male children, can then be crucial in surviving the periodic crisis-illness, drought, floods, food shortages, land disputes, political upheavals, which, unfortunately, punctuate village life in most parts of the world. Folbre (1983) further maintained that, in most developing countries of the world in general, and in Nigeria in particular, son preference can be another important motive for having larger families. The subordination of women means that, economically and socially daughters are less or not valued as highly as sons in many cultures, particularly among the Yoruba of the southwest Nigeria, most especially in the traditional era. Not only does daughters’ domestic work have less prestige, but daughters typically provide fewer years of productive labour to their parents, and leave home to live with their husbands and in-laws shortly after puberty. Son’s preference, combined with high infant and child mortality rates, means that parents must have many children just to ensure that one or two sons survive so as to serve as old-age security, most especially in the face of economic uncertainty. As a corollary to the above point, Lappe et al (1979) maintained that in the 1960s, an Indian couple had to bear an average of 6. 3 children to be confident of having one son who would survive to adulthood. Male dominance in the family, patriarchal social mores, the systematic exclusion of women from the development process, and the absence of decent birth control services combine to force many women into having more children than they want. Put differently, the social environment, in effect, leaves them (women) little or no reproductive choice. Thus, there is tendency among them, to have more children in order to guarantee the future of the lineage. Sex Preferences and Worldwide Patterns Parental preference for sons over daughters is a common phenomenon in many parts of the world. Son preference has been well documented in a large number of countries, including Nigeria. But the degree of such preference varies substantially from one country to another, depending on such factors as the level of economic development, social norms, level of education, cultural and religious practices, marriage and family systems, degree of urbanization, and the nature of social security systems available. The preference for sons tend to be particularly pronounced in developing countries, in rural areas, and among more traditional couples and couples of lower socio-economic status. Although son preference is still common even in many economically developed countries (Bennett, 1983), this preference often exists side by side with parents’ desire to have, at least, one child of each sex. The World Fertility Survey (WFS) found that son preference was moderately strong in Lesotho and the Sudan, and very strong in Jordan and Syria. In Asia, son preference was found to be weak among women from Indonesia (except for the first child). The survey also found a moderate degree of son preference in Malaysia, Thailand, and SriLanka, and son preference was extremely strong in Bangladesh, Nepal, Pakistan, and South Korea. The WFS result for Asia generally agrees quite closely with the findings of Williamson (1976), who reviewed the literature on sex preferences throughout the world in the mid 1970s (Arnold and Liu; 1986). Further, son preference has been found to be prevalent in all East Asia and among groups outside of that region that share a heritage of Confucian patriarchal tradition. According to Arnold and Kuo (1984:301), son preference in South Korea and Taiwan is both pervasive and extreme. This finding has been confirmed by a number of other studies (see Williamson, 1976; Coombs and Sun, 1981; Cho, Arnold and Kwon, 1982; Chung, Cha, and Lee, 1974). In spite of the foregoing, it should be mentioned that in some countries, couples exhibit little or no son preference, and there are even a few instances in which a preference for daughters has been documented. For example, WFS found that considerably more women wanted a daughter for their next child than a son in Jamaica and Venezuela (Cleland, Verrall, and Vaessen, 1983). The WFS also found little or no sex preference of any type in most South America countries, in parts of the Caribbean and in Kenya and so on, to mention but a few (Arnold and Liu, 1986). Sex Preference among the Yoruba Concern among the Yoruba of Southwest Nigeria about son preference, as an old age security is a long-standing one. Mao Zedong vividly depicted this problem in a talk with Edgar Snow in 1970. â€Å"In the country side, a woman still wants a boy child. If the first and second babies are girls, she will make another try. If the third one comes and is still a girl, the mother would try again. Pretty soon, there are nine of them, Then, the mother is already over 45 or so and she finally decides to leave it at that† (cited in Katagiri and Terao, 1972:2). A variety of historical, moral, ethical, and economic factors underlie son preference among the Yoruba of Southwest Nigeria. In the past, the male patriarch dominated the family in Nigeria, and the practice of ancestor worship gradually developed. Hence, the patriarchal family structure and the resulting strong preference for sons became institutionalized values among the Yoruba. These traditions also stress the importance of carrying on the family line through male progeny. Traditionally, apart from social prestige and the felt need to continue the family line, the existence of sons among the Yoruba is considered advantageous for two economic reasons. These are, support for their parents in old age and the provision of labour for the farm or family business. The former is still an important consideration in Nigeria in general, and among the Yoruba of Southwest in particular, despite the recent introduction of some forms of social security in Nigeria. Other reasons for sex preference among the Yoruba include son’s financial contribution to the family income; emotional support and the need for sons to meet religious obligations, and so on. Finally, the productive utility of sons is still an important factor underlying son preference among the Yoruba, where traditional notions about the appropriate division of labour by sex are still prevalent. Child Sex Preference, Old Age Security and the Welfare of the Elderly. Income in later life may come from a variety of sources, including earnings, family members, the children, the state or charity. The balance of these sources has shifted over time as a result of social change, modernization, urbanization, westernization, education of women, more women in formal sector of the economy, coupled with the cracks in the extended family tie and introduction of pension systems by government. In particular, older people’s economic reliance on their children or older people’s reliance on their children as old-age security has declined, allowing them the dignity of financial independence of kin. The twenty-first century has seen a dramatic shift in the sources of income of older people in both industrialized and non-industrialized countries of the world, but the changes differ profoundly according to gender. For men, the change has been from mainly earnings to mainly pensions, while for women, the change has mainly been from reliance on family members (particularly the children), to income from private business and the support from the spouse. Heavy reliance on private support and support from spouses have not guaranteed or ensured women’s economic security in later life and this has further led to gender inequality of income among older people (Ginn, 2001). Having said the foregoing, it is germane to mention that the old-age security and child sex (gender) preference are two highly controversial hypotheses regarding the influence of household fertility and welfare in less-developed and developing countries of the world such as Nigeria. The old-age security hypothesis postulates that in environments where parents face uncertainty about the ability to support themselves during old age, they would expect such support from their children (Raut, 1996:81-104). This motive could be strong particularly in rural areas of less-developed or developing countries such as Nigeria, particularly among rural dwellers of the Yoruba of Southwest Nigeria where available resources both financial and physical (materials) tend to yield low or negative interest. Therefore, these are not able to provide for parents’ needed welfare at old age, so that children may provide a more efficient hedge against old age disability risks (Raut, 1985; 1990; 1992; Nerlove and Raut, 1995; Cain, 1981; 1983; Nerlove, Razin, and Sadka, 1987 and Nugent, 1985). The gender preference hypothesis postulates that parents exhibit preference for having children of a particular sex. In most developing or less-developed societies, parents seem to have preference for sons rather than daughters. The preference for sons may be rooted purely in taste and cultural values or it could be the outcome of some economic calculations. For instance, sons generally stay with their parents, while daughters are married off to another household or family, so that sons tend to provide better support in old-age as well as augment current household income. The extent to which the preference for sons occurs as an economic response to underdeveloped capital markets and incomplete risk markets has been a long-standing issue in economic demography literature. Ben Porath and Welch (1976); Heer (1983); and Leung (1988) have examined the consequences of this motive for population growth, and sex ratio. Also, the consequences of child sex preference (sons preference) on the allocation of human capital and bequest among children have been discussed by Behrman, Pollak and Taubman, (1982). Generally, children are expected to provide long term net benefit streams by supplying labour for family enterprises, generating monetary income stream, providing for old-age security, and acting as a form of insurance. In a setting of risk and uncertainty, parents engage in strategies to influence the pattern and guarantee the reliability of long-term intergenerational benefit flows. Such self-interested strategies to promote parental well-being at old age include conditional inheritance benefits, practices controlling the mobility of children, and sex differentiated educational and nutritional investments. According to Fapounda et al (1988), West African parents invest more in the education of male children since the financial returns on their education are relatively high. On the other hand, parents are more oriented towards the receipt of a one-time financial payment, a bride price, from the marriage of their daughters than to an economically uncertain investment in their daughters’ schooling (Fapounda et al 1988). Caldwell further maintained that, in rural Nigeria, for example, one of the reasons for sons preference is that, male children (boys) produce more than they consume by the age of ten to thirteen; and by the age of fifteen their total production has exceeded their cumulative life-time consumption. Although, female children (girls) likewise perform a number of valuable economic tasks, which include helping their mothers with cooking and the post-harvest processing of crops etc. , this is insignificant when compared to the contributions of their male counterparts to the family economy (Caldwell, 1982). Today, the expected increase in the absolute number and proportion of the elderly raises serious concerns about their welfare in the country, particularly given the absence of social security scheme and formal social welfare services for the old in most African countries. A number of studies have therefore, focused on examining the extent to which the family is involved in providing assistance to the elderly (Peil, 1995; Apt and Katila, 1994; and Togonu-Bickersteth, 1989, 1997). All confirm that the families, particularly children, are the principal source of old-age support in the various African countries studied. It has also been found that assistance is usually offered by children to ensure some level of physical and economic survival for their elderly to the extent that the former can afford. By contrast, parents in industrialized countries and their affluent counterparts among Third World urban elite have much less need to rely on children either for labour or old-age security. The economics of family size changes as income goes up, until children become a financial burden instead of an asset (Folbre, 1983). According to him, when children are in school, for example, they no longer serve as a source of labour. Instead parents must pay for their education, as well as for their other needs, which cost far more in a high consumption society than in a peasant village. And there is often no guarantee that parents’ investment will buy the future loyalty of a grown up child. As economist Nancy Folbre (1983) noted, â€Å"The gift of education, unlike a bequest, cannot be made contingent upon conformity to certain expectations. Once given, it can hardly be revoked†. In industrialized societies personal savings, pension plans, and overnment programs replace children as the basic forms of social security. These social changes fundamentally alter the value of children, making it far more rational from an economic standpoint, to limit family size. Folbre (1983) also argued that as the value of children decreases, male heads of households are more willing to allow their wives to work outside the home, since the contribution of their wages to the family economy now exceeds the value of their household work. This further spurs low demand for children and less craze sex preference of a particular child.