Welfare retrenchment has been controversial not only because of the impact it is claimed to have had on individuals but because it serves an overarching policy aim which is itself controversial--fiscal consolidation on a timetable adopted in 2010, which was regarded by many as too rapid (and was later modified by the Coalition).
We begin by looking at some key aspects of the social security system the Coalition inherited in 2010; sections 2-4 look in sequence at continuity, retrenchment and reform measures and section 5 concludes.
Planned expenditure reduction was mainly driven by retrenchment measures in the sense outlined above, with only one 'reform' measure making a major contribution (the disputable case of DLA reform--see below).
If an alternative strategy is adopted, however, the risk is that the government loses its credibility with regard to serious fiscal retrenchment
, interest rates might rise (though some question whether this really matters), and the debt to GDP ratio would rise further and stay higher for longer.
My general line of argument is that the particular phenomenon of faculty retrenchment in postsecondary education can be understood fully only through reference to broad patterns of redistribution of wealth and power in the wider society.
The retrenchment literature is by and large written from an organizational efficiency perspective and is concerned primarily with economy and efficiency achieved by management of discrete organizational entities |6, 16, 71~.
Initially, the literature on retrenchment assumed that higher education spending would revive and concentrated on temporary measures that postponed expenditures and eliminated nonessential personnel |59~.
He said, For now we re not looking at retrenchments
benefits, Dax added, are more beneficial [to the retrenched employee] than other benefits.
There is, however, another financial aspect that often comes into effect at retrenchment
, and that is the withdrawal benefit by the member's pension or provident fund.
HSBC has declared a host of retrenchments
in 2011 in a bid to reduce its expenses, and has withdrawn from many markets.
The Mineworkers Union of Namibia (MUN)'s branch representative at Rossing Uranium, Ismael Kasuto could not shed more details on how the retrenchment
exercise was progressing.