Sunday, September 29, 2019
Maternity Leave Essay
Maternity leave benefits is found under the Article 133 of the Labor Code and Section 14-A of ââ¬Å"Social Security Act of 1997â⬠³ (Republic Act No. 8282). Checklist for Availment of Maternity Benefits under Social Security Act The pregnant woman employee must have paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage. She has given the required notification of her pregnancy through her employer if employed, or to the SSS if separated, voluntary or self-employed member. Maternity Leave Under Article 133(a) of the Labor Code, ââ¬Å"Every employer shall grant to any pregnant woman employees who has rendered an aggregate service of at least six months for the last twelve months, maternity leave of at least two weeks prior to the expected date of delivery and another four weeks after normal delivery or abortion, with full pay based on her regular or average weekly wages.â⬠From the above provision, a qualified pregnant woman employee shall be entitled maternity leave of at least two weeks prior to expected date of delivery and another four weeks after normal delivery or abortion. Thatââ¬â¢s a total of six weeks maternity leave. (Note: Article 133, particularly provisions pertaining to benefits and procedure for availment, must give way to Social Security Act.) Leave extension Maternity leave may be extended on account of illness arising out of the pregnancy, delivery, abortion or miscarriage, which renders the woman unfit for work. Extended maternity leave is without pay, but may be charged against any unused leave credits. Maternity Benefits under SSS Law A pregnant woman member of SSS who has paid at least three monthly contributions in the twelve-month period immediately preceding the semester of her childbirth or miscarriage shall be paid a daily maternity benefit. Amount SSS maternity benefit shall be equivalent to 100% of the pregnant employeeââ¬â¢s average daily salary credit for 60 days, or 78 days in case of caesarian delivery. Time of payment The full payment of maternity benefits shall be advanced by the employer within 30 days from the filing of the maternity leave application. Who makes the payment The SSS shoulders the payment of maternity benefits. But the procedure is that the payment is to be initially advanced by the employer, subject to immediate reimbursement by SSS. Checklist for Availment The pregnant woman employee must have paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage. She has given the required notification of her pregnancy through her employer if employed, or to the SSS if separated, voluntary or self-employed member. ââ¬Å"3-monthly Contributionâ⬠Illustration To avail of maternity benefits, the woman employee must have paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage. A semester refers to two consecutive quarters ending in the quarter of contingency; A quarter refers to three consecutive months ending March, June, September or December. To illustrate, assume that the projected date of delivery is March 2010. The semester of childbirth would be from October 2009 to March 2010. This is called the semester of contingency. Count 12 months backwards starting from the month immediately before the semester of contingency, which is September 2009. Hence, the 12-month period immediately preceding the semester of childbirth or miscarriage is from October 2008 to September 2009. To avail of the benefits, the employee must have paid at least 3 monthly contributions during this period. Note that this requirement supersedes Article 133, which requires that the woman employees must have rendered an aggregate service of at least six months for the last twelve months. Valid marriage not required Unlike in paternity leave where valid marriage is a requisite for availment, the existence of a valid marriage is not required to avail of maternity leave benefits. Limitation on Availment Entitlement to maternity leave under the Labor Code and maternity benefits under the SSS Law applies only for the first four delivery. Bar to recovery of sickness benefits. That payment of daily maternity benefits is a bar to the recovery of SSS sickness benefits for the same period for which daily maternity benefits have been received. Effect of Failure of Employer to Remit Contribution. If the employer fails to remit the required contributions, or to notify SSS of the time of the pregnancy, the employer shall pay to the SSS damages equivalent to the benefits which said employee member would otherwise have been entitled to. Tax Treatment of Meternity Benefit Maternity benefits advanced by employer to employee are excluded from gross income and thus exempt from withholding tax. Under the National Internal Revenue Code (NIRC), all ââ¬Å"benefits received from or enjoyed under the Social Security System in accordance with the provisions of Republic Act No. 8282â⬠³ shall not be included in gross income and shall be exempt from taxation. (Section 32 [B][6][e], NIRC) What You Should Know About Maternity Leave Benefits in the Philippines? Maternity Leave Benefit in the Philippines varies depending on your employment. This article only covers employees from the private sector . According to Book III Title III Chapter 1 of the Philippine Labor Code [Presidential Decree No. 422, as Amended]: ART. 133. Maternity leave benefits. ââ¬â (a) Every employer shall grant to any pregnant woman employee who has rendered an aggregate service of at least six (6) months for the last twelve (12) months, maternity leave of at least two (2) weeks prior to the expected date of delivery and another four (4) weeks after normal delivery or abortion with full pay based on her regular or average weekly wages. The employer may require from any woman employee applying for maternity leave the production of a medical certificate stating that delivery will probably take place within two weeks. (b) The maternity leave shall be extended without pay on account of illness medically certified to arise out of the pregnancy, delivery, abortion or miscarriage, which renders the woman unfit for work, unless she has earned unused leave credits from which such extended leave may be charged. (c) The maternity leave provided in this Article shall be paid by the employer only for the first four (4) deliveries by a woman employee after the effectivity of this Code. Furthermore, Republic Act No. 7322 AN ACT INCREASING MATERNITY BENEFITS IN FAVOR OF WOMEN WORKERS IN THE PRIVATE SECTOR, AMENDING FOR THE PURPOSE SECTION 14-A OF REPUBLIC ACT NO. 1161, AS AMENDED, AND FOR OTHER PURPOSES states: SECTION 1. Section 14-A of Republic Act No. 1161, as amended, is further amended to read as follows: SEC. 14-A. Maternity Leave Benefit. ââ¬â A covered female employee who has paid at least three monthly maternity contributions in the twelve-month period preceding the semester of her childbirth, abortion or miscarriage and who is currently employed shall be paid a daily maternity benefit equivalent to one hundred percent (100%) of her present basic salary, allowances and other benefits or the cash equivalent of such benefits for sixty (60) days subject to the following conditions: (a) That the employee shall have notified her employer of her pregnancy and the probable date of her childbirth which notice shall be transmitted to the SSS in accordance with th e rules and regulations it may provide; (b) That the payment shall be advanced by the employer in two equal installments within thirty (30) days from the filing of the maternity leave application: (c) That in case of caesarean delivery, the employee shall be paid the daily maternity benefit for seventy-eight (78) days; (d) That payment of daily maternity benefits shall be a bar to the recovery of sickness benefits provided by this Act for the same compensable period of sixty (60) days for the same childbirth, abortion, or miscarriage; (e) That the maternity benefits provided under this Section shall be paid only for the first four deliveries after March 13, 1973; (f) That the SSS shall immediately reimburse the employer of one hundred percent (100%) of the amount of maternity benefits advanced to the employee by the employer upon receipt of satisfactory proof of such payment and legality thereof; and (g) That if an employee should give birth or suffer abortion or miscarriage without the required contributions having been remitted for her by her employer to the SSS, or without the latter having been previously notified by the employer of the time of the pregnancy, the employer shall pay to the SSS damages equivalent to the benefits which said employee would otherwise have been entitled to, and the SSS shall in turn pay such amount to the employee concerned.â⬠SEC. 2. Nothing in this Act shall be construed as to diminish existing maternity benefits under present laws and collective bargaining agreements. SEC. 3. All laws, executive orders, prodamations,.presidential decrees, rules and regulations, and other issuances, or parts hereof, inconsistent with the provisions of this Act are hereby repealed or modified accordingly. SEC. 4. This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in at least two (2) national newspapers of general circulation, whichever comes earlier. In short, you are entitled to a 60 days maternity leave (78 if you had a caesarean delivery) provided that: 1. you have notified your employer of your pregnancy including your estimated delivery date; 2. you are an active SSS member and employee at the time of your delivery; 3. you have paid a minimum of three month contribution to SSS within the 12-month period prior to your delivery (miscarriage); and 4. this is your first, second, third or fourth pregnancy (and/or miscarriage) So remember, Once youââ¬â¢ve confirmed your pregnancy (usually once youââ¬â¢ve got your first ultrasound), make sure to file the necessary papers to notify your company. This is around 6-8 weeks of pregnancy. Itââ¬â¢s very important that you file early so you can avail of your benefits should anything happen to you like miscarriage or other complication that would require you to take an early leave. File your maternity leave early. Your company is mandated by law to give you your maternity benefit within 30 days of filling. They usually release advance payment before your leave if you file it on time. Otherwise, you might have to after giving birth. Company may have other policies about maternity benefits, so make sure to review your contract and talk to your companyââ¬â¢s HR personnel so know what youââ¬â¢re entitled to. Also once youââ¬â¢ve given birth, donââ¬â¢t forget to submit all the necessary documents to your HR so they can submit them to SSS for reimbursement. You would need to submit following: SSS Form MAT-1 and MAT-2, your childââ¬â¢s birth certificate, your SSS ID, obstetrical history and operating record for caesarean delivery. The SSS forms are available in your HR department or you can get a copy at sss.gov.ph. The full list of requirements is also available in the site. When I posted about maternity leave benefits in my old blog, a lot of people ask why some of them got less than their 60-day salary. The maternity benefit you are entitled as an SSS member is 100% of your average daily salary credit multiplied by 60 (78) days. The details of the computation can be found here. Youââ¬â¢ll also see there that the maximum salary credit per day is around Php 500 so at most, youââ¬â¢ll be able to receive around Php 30,000 for normal delivery and Php 39,000 for caesarean delivery. Self-employeed SSS members and also voluntary SSS members are also entitled to this same SSS Maternity Benefits as long as they meet the requirements mentioned above. The only difference is they do the filing and notification directly to SSS. I work in the government sector. Am I entitled to maternity leave? Every pregnant employee is entitled to maternity leave but the conditions change depending on several factors. If you are a government employee, you are allowed to take a maternity leave of 60 calendar days with pay, whether you deliver via normal or cesarean delivery. You are also entitled to maternity benefits in full if you have been working for your government office or agency for at least two years. If you have rendered service for more than a year but less than two years, you will receive maternity benefits in proportion to your length of service. (And half-pay if you have been working there for less than one year.) Maternity leave covers both childbirth and miscarriage. The law provides minimum requirements that you can expect from your employer. Talk to your human resources manager or administrative officer to find out if your employer provides greater maternity benefits than the required minimum. Read your employment contract or collective bargaining agreement carefully and see what it says about your employerââ¬â¢s policy on maternity leaves and benefits. I work for a private company. What maternity benefits am I entitled to? A private sector employee is entitled to take a leave with full pay for 60 calendar days (for normal delivery) or 78 calendar days (for cesarean delivery) as long as certain conditions are met: * You are an SSS member employed at the time of delivery or miscarriage. * You have previously notified your employer about your pregnancy and due date. * You have paid at least three monthly contributions to the SSS within the 12-month period preceding your semester of childbirth or miscarriage. * Understand that you can claim maternity benefits only for your first four deliveries, including miscarriages. What do you mean by semester of childbirth? This is the six-month period prior to your giving birth. For example, if you expect to give birth in June 2012, your semester of childbirth is the period from January 2012 to June 2012. What about the three monthly contributions preceding the semester of childbirth? SSS requires that in the 12 months preceding your semester of childbirth (if youââ¬â¢re due in June 2012, then the period is January to December 2011), you should have paid at least 3 monthly contributions. This 12-month period is important because they will determine how much maternity pay to give you based on your monthly salary during this 12-month period. SSS has a formula for computing your maternity benefit using your six highest monthly credits. What do I have to submit to my employer? Make sure that you: * Give your employer a notice of your pregnancy and due date by submitting SSS Form MAT-1(Maternity Notification Form) at least 60 days from the time you know about your pregnancy and proof of pregnancy, such as laboratory test results, ultrasound report and a medical certificate from your doctor. Your employer will then submit these documents to the SSS. * Maternity leave covers both childbirth and miscarriage. The law provides the minimum requirements that you can expect from your employer. Some companies give more than the minimum requirements. Talk to your human resources manager or administrative officer so youââ¬â¢ll know what your company offers. It would be good to read your employment contract or collective bargaining agreement and learn more about your employerââ¬â¢s policy on maternity leaves and benefits. Your companyââ¬â¢s maternity policy may be better than the legal minimum. Thus your entitlements could be different from those of your colleagues or friends working for other companies. Find out exactly what your entitlements are by contacting: * your human resources or personnel manager * your labor union representative * the Department of Labor and Employment (DOLE) Regional Office in your place of work Before taking maternity leave File your maternity leave application a few weeks before the start of your leave. You will want to give your employer enough time to make arrangements and ensure that the company is not affected by your absence. The common practice is to go on leave two weeks before your due date so you can have enough time to prepare for the birth of your child. How do I claim my SSS maternity benefits? You may claim your SSS maternity benefits directly from your employer in full within 30 calendar days from the filing of your maternity leave application. Your employer is required to pay the amount of the claim in advance, subject to reimbursement by the SSS. You also need to submit other documents such as: * SSS Form MAT-1 and MAT-2 * your childââ¬â¢s birth certificate * operating room records for cesarean delivery * obstetrical history in cases of miscarriage or abortion * your SSS I.D.
Saturday, September 28, 2019
After anne frank Essay Example For Students
After anne frank Essay After anne frank Essays diary, It continues onward to grim results. During their hiding in the secret annexe, a Dutch informer hinted to the Gestapo (German Police) that the frank family was in hiding. On August 4, 1944, the Frank family was discovered and sent Gestapo Headquarters in Amsterdam. The Franks, Van Daans and Mr. Dussel were sent to Westorbork in Holland. On September 3, the Allies captured Brussels and the Franks Along with the Van Daans were the last ones to be sent on a freight train with seventy-five people per car. Each car was sealed tight with only one window. For three days and nights the train ventured across Germany to reach its final destination, Auschwitz in Poland. There the Franks and the Van Daans were then sent to concentration camps. There the conditions were horrible. Healthier prisoners shaved their heads and worked twelve hours a day digging sod controlled by the merciless Kapos, Criminals who served the SS as labor overseers. In October 1944, Anne, Margot and Mrs. Van Daan were among a group were sent to Belsen in Germany. Mrs. Frank died in the infirmary back at Auschwitz. Otto Frank survived to be liberated by the Russians. Margot died February or March of 1945. Anne died soon after. This tells you the reason why the Franks went into hiding that long while and why hiding from everybody, your friends, your family was the sacrifice you had to take to stay out of these death camps. .
Friday, September 27, 2019
Ex3 Music Assignment answer the questions Example | Topics and Well Written Essays - 1500 words
Ex3 Music answer the questions - Assignment Example Sitar India idiophone it is a gourd Idiophone 13. Nay (Nai) Middle East Chordophone flute 14. Buk or Puk Korea Membranophone leather drums Short Essay 15. The only of Islam that uses music is the childrenââ¬â¢s songs. These are however considered secular though under the Islam religion. They are written in Arabic. 16. Tala is the term used to describe the rhythmic patterns of any composition and the whole subject of rhythm in the Indian classical music. A tala can also be termed as the regular repeating of a rhythmic phrase. The country that uses tala is India in classical music. 17. The three layers of Indian music are; 1. The melodic layer. This layer is made up by a melodic soloist and an accompanist. The voice is the main component of melody though other melodic instruments such as violin, vina, bansuri, nagasvaram and saxophone may be used. 2. A percussion layer. In this layer, a percussion instrument known as mridangam is used. This is double-headed drum. Tavil, tambourine, mouth trap and a clay pot are some other examples of percussion instruments that can be used to supplement mridangam. 3. The drone or scruti layer. This is the layer that is often played by specialized instruments such as tambura which is a four-stringed plucked instrument with a buzzing timber. 18. Vajrayana Buddhism is practised in India. It is considered the fifth and the final period of Indian Buddhism. 19. Some of the countries that form Zen Buddhism include; China, Vietnam, Korea and Japan. 20. The notable predecessors of Japanese Geisha were Saburuko, who had come into existence in the 17th century and the Shirabyoshi who emerged during the late Heian. 21. Nongak is a Korean folk music tradition that consists of drumming, dancing and singing. The performances are done outside, with tens of players, all in constant motion. It falls under the pungmul style of Korean music. 22. Slendro and pelog are the two oldest essential scales of gamelan music that are natives to Bali and Ja va in Indonesia. 23. King Bumibol of Thailand composes Jazz music. He is commonly referred to as ââ¬Å"The Jazzy Kingâ⬠. 24. They believe that the Venus is the morning star that represents the spirits of their god Munyal that whispers to them how to dance and how to sing for each living thing. They listen to his instructions and they come as ideas. 25. Met allophone is any musical instrument in which the sound is produced by striking metal bars of varying pitches. Examples include Gangsa and Fangxiang. 26. The two Korean genres that were once Buddhist rituals are Jeongak and salpuri. Kathak dance is the Indian dance that is performed in theatres but used to be a religious dance. 27. These are the two major Sanskrit epics of ancient India. Countries they were experienced include china, Korea, Japan, and Vietnam. 28. It can be used to refer to leather constructed puppets theatre. These puppets are carefully chiselled and supported by buffalo horn handles and control rods. It can also be used to refer to the ancient Indonesian art of shadow play. They are found in Indonesia. 29. This is the positive thinking towards music making. Examples include Flemish far-right, multiversity, axiological and rigorous fusion. 30. Tibetan ââ¬Å"Primordial Aâ⬠is a musical album that is produced in the Tibetan language by Primordial. The album contains two discs. The first disc has eight songs and the second one has ten songs. The Chinese music follows a high level of cosmos. The lyrics of
Thursday, September 26, 2019
Waiting for the Barbarians Essay Example | Topics and Well Written Essays - 750 words
Waiting for the Barbarians - Essay Example The book waiting for the Barbarians is one such book written by a linguistic and novelist Coetzee that highlighted some tentative strategies in the question of torture. In the book, he admits torture to be a threatening and a dark fascination on his life. While bringing out the vivid theme of torture in the dark African country, Coetzee faces many dilemmas, for instance, in the dark chamber where his moral judgment is challenged whether to find a middle way between ignoring the obscenities or being part of the obscenities. In as much as torture is necessary in many instances, the question, which the paper attempts to address, is whether torture was necessary while waiting for the Barbarians. The elite unit of colonel Joll and their treatment to the Barbarians is a case in point where torture gets exhibited. He is an administrative officer in charge of running the empire where he get rumors that the natives of the land (Barbarians) are coming back to fight for their land. He is not ha ppy with the idea; therefore, conducts an expedition in the land beyond the frontier. He organizes himself and arrives in one of his government outposts where he is determined to gather information from the local band of uncivilized Barbarians (Coetzee 34). The Barbarians represent an omniscient and present outside threat to the colonel who cannot sit back and wait for the attack. They are seeking to trample security of Colonel Joll and safety of the empire, a factor that does not make the colonel calm and instead uses every means possible to prevent the attack, which is likely to affect the strength of his empire. Instead of using peaceful means, he captures prisoners in a dubious way, which makes him wonder whether there was an army to attack his kingdom. This is because he finds the natives to of similarity to nomadic heathens rather than the barbarian army he suspected. However, he does not stop at this point questioning his intelligence by committing a series of torture on the natives to ââ¬Å"confessâ⬠the details and whereabouts of the Barbarians. Although the magistrate is not happy with the way, he handles things he does not intervene or make an attempt of stopping since he understands the barbarian manner. In as much as their confessions and the nature of torture were too much, the truth behind the confessions was only because of torture. This leaves many questions whether the torture was necessary as one prisoner it killed one a prisoner and left another partially black haired woman partially blind (Coetzee 44). The torture of the barbarian girl is another instance where questions arise on the need for torture. She is one of the captives of colonel Joll who gets subjected to punishment with the aim of getting information. The torture vicariously eliminates the validation behind torture as the little girl is left partially blind. Coetzee, for instance, laments, ââ¬Å"the true challenge is how to play the game by the rules of the state, how to establish own authority, how to imagine torture and death on one own terms.â⬠(Coetzee 13) This is a moral question, which makes Coetzee wondering the reasons behind the colonelââ¬â¢s action, where he kills one of the captives, based on his own terms. The magistrate sympathizes with the little girl taking her to his house where he offers her a job as a cook. At a tender age, she receives sexual assault at the magistrateââ¬â¢
The Disappearing Data Center Essay Example | Topics and Well Written Essays - 500 words
The Disappearing Data Center - Essay Example In addition, the system should have adequate authentication, access control and administration. The company should therefore examine the authentication options that are available, for instance, whether the system has trusted proxy, good security measures and so on. Comparatively, should access whether the technology and hosting are fit for purpose and is scalable. The company should determine whether the hardware is modern, reliable, the development cycle of the system, its ease in integrating with other systems and so on. Therefore, in a nut shell, when deciding where to host their system, the companies should evaluate the systemââ¬â¢s navigation and interface, content production and workflow, authentication, access control and administration, and the fitness level of the technology and hosting. Other considerations could comprise of whether the operating system, scripting software and server software meet the purpose of the company. Many small businesses are moving towards cloud computing as a way of saving their costs and attaining sophisticated and powerful hardware (Plant 2009). However, there are several issues surrounding moving a companyââ¬â¢s data center to the cloud computing. Some of the issues facing companies that have opted for cloud computing include the following;- First, cloud computing brings with it issues to deal with the security of the companyââ¬â¢s data transfer. This is because all the information that travels between the company network and the cloud passes through the and therefore there is a chance that hackers could distort it. Due to this, the management should ensure that their systems are well secured through the use of internet security measures such as encryption, proxy, industry standard protocols and so on. Equally important, the use of software interfaces could be a major issue affecting cloud computing. The use of a weak set of software interface could expose the company to various
Wednesday, September 25, 2019
Philip Island Essay Example | Topics and Well Written Essays - 1000 words
Philip Island - Essay Example Enroute to the Philip Island the Cranbourne, Richmond, Tooradin and San Remo cities were also superficially studied to examine the impact of urbanization as well as tourism on these cities. I. Cranbourne: Melbourne, on its south east seemed to be rapidly expanding into the agricultural estates of Cranbourne. The transition of agricultural lands to residential plots as an answer to the growing needs of people daily commuting to city was clearly evident. The houses were usually single storeyed made up of bricks and tiles of medium blocks separated from each other. It provided space for business like news agencies, bakery and hardware stores. However agricultural practice and agricultural products were still evident. III. Tooradin: Tooradin is a rural area with rich darker clay sand where agriculture is the main occupation. But recent trend is that it supports tourism for holiday lovers who wish to spend quiet holidays and enjoy fishing. IV. San Remo: San Remo a former fishing village is well connected to Philip Island through the bridge. San Remo provides a better lodging and boarding facility at reasonable prices with excellent beach activities like fishing for tourists who visit Philip Island. The impacts from inappropriate changes due to urbanization such as conversion of agricultural land for residential purpose, deforestation, soil erosion, over population, transportation and other related problems could be resolved by implementing proper land use planning, construction practice, engineering, architecture, and design processes. Attractions in Philip Island V. Cape Woolamai Faunal Park: Cape Woolamai is the home to the short-tailed shearwaters on Philip Island. The sand dunes reveal the perfect interaction between the lithosphere-the sand and rock, the atmosphere-the wind, and the biosphere components- marram grass and the spinifers. The vegetation is completely covered by the dunes due to winds. Sand for the beach of Woolamai mainly comes from the erosion of cliff coast present towards the east of coast of cape Woolamai. Attempts are being such as car not allowed on sand dunes, making exclusive car parking facility, people not allowed to walk on vegetation, regulations to impose fines if violated etc., are made to prevent erosion of sand dunes which formed due to long shore drifts. VI. Cowes: Cowes is the principal township of Philip Island lying on the northern side facing French Island and Western Port Bay. The Cowes have safe beaches with fine sand caused by the deposition of waves. Waves are small and not too wild providing a safe zone for beach swimming and boating. Piers have been constructed on the shores. The waves are harsher near the rocks, eroding them. VII. The Nobbies: The Nobbies are at the western most end of the Philip Island. It is a strong volcanic rock which is more resistant to erosion. It is a popular tourist destination with a blowhole, a spectacular sea cave that thunders during big southern swells. The Nobbies boardwalk
Tuesday, September 24, 2019
Impacts of Globalization on Development Notions Essay
Impacts of Globalization on Development Notions - Essay Example Globalization enhances the prosperity of the economies and leads to efficient resource allocation. Prosperous economies and proper allocation of resources result in increased employment opportunities, high outputs, lowered prices of goods, and high standards of living. Due to increased trade, direct foreign investments, flexibility of countries to operate across borders, and enhanced communications, there is an easy access to information, and easier delivery of goods and services. Realizing this situation, the people in various countries get fast access to goods and services saving time and concentrating to develop their economies. When more investors come to an area, the people get employment opportunities leading to increased income thus boosts their living standards. Similarly, better access to information allows the people to realize the global market price of goods and services to avoid unnecessary expenses. However, critics of globalization emphasize that the concept fosters of fshoring and outsourcing, which leads to the destruction of the manufacturing sector of the developing nations. Globalization stimulates reforms in institutions and supports financial developments. The conception of economic globalization in relation to capital accounts and trade elevates the quality of the financial institutions. Further, these institutions create and uphold robust property rights, better financial guidelines, and sound legal systems that are critical in the promotion of financial development.
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