Inflation

There are various ways for the employees to voice out their dissatisfaction_ One of the ways is by using picketing. Under section 40 of Industrial Relation Act allow workers to attend at or near their workplace when they have a trade dispute. The purpose of picketing are communicate issues to the public and members the employers. Picketing also held at lunch time, and before or after working hours. Picketing is enforceable by law as long as it must not intimidate anyone. Must not obstruct the entrance or exit the organization. 3. Summarization National Union of Bank employees (NUMB) held another picket on the issue for discriminating its Muslim employees and also In support with the 27 employees that have been sacked by the bank. The picket was held at Clan Tuna Appear. The Muslim employees had been discriminated by disallowed them from performing their prayers in the office by the management. They had been sacked because they did not agree to transferred to other branches. They had been discussed with the upper management but no action taken by the authorities to settle the Issues.They will intone to fight for the workers until Hong Leone Bank reinstate the sacked 27 employees. The Mole when contacted with Shirring Oarsman officer of Hong Leone Bank stated that the fact of disallowed Muslim employees was untrue statement. They are not allowed because sugar Is located In a secured area as they were not the staff of the branches and they just only the NUMB members. No one is allowed to entered into a secured area as it has been a standard security policy of any financial institution.She also stated that its staff had been allowed to perform their prayers thou any prejudice. 33 Mall Issues The Issues arises Is discriminates Its Muslim employees by disallowed them to perform their prayers at Sugar. As the officer offing Leone state that the Muslim employees is not the staff of Hong Leone Bank. Many negotiations had been taken by the employees but all the negotiati ons is not success because there Is no action taken by them. The Muslim officials In the Human Resource Ministry,the Government and the authorities failed to protect Islam and Muslim employees.Besides that, 27 employees in the Hong Leone Bank were sacked because they did to agree to be transferred to other branches. 3. 4 Background Issue Among 300 of NUMB members held a picket at Clan Tuna Appear regarding to the Issues of discriminating Muslim employees by disallowed them to perform their Solar at Sugar and over 27 employees were sacked. This is because Sugar is located at the secured area. It is a security standard policy no one can entered into that area except for the staff of Hong Leone Bank. The officer of Hong Leone Bank state that they are not the Hong Leone Bank but they are NUMB members.Abdul Jamie as Vice President f Numb members reiterated the statement that Numb members are also the Hong Leone Employees. During the time of 2 December until 18 December they are still und er Hong Leone employment. NUMB General Secretary enforce Balance Ministry to take legal action for these discrimination. Hong Leone Bank cannot said that NUMB members is not Hong Lemon's employees. Besides that, over 27 employees were 1 OFF discussions were held but none of the ministry take action over these issues. Tan stated that the transfer is necessary to increase the effectiveness and efficiency ofHong Leone Bank. 3. 5 Analysis Many of the Numb members held a pickets to ensure that their dissatisfaction can being heard by the public. Among the issues arises is the discrimination towards Muslim employees. Muslim employees had been disallowed to perform their prayer at the Sugar. Department of Labor will remind the employers the right of Muslim employees. Besides that over 27 employees were sacked. Their termination is not valid without a valid reasons as they disagree to transfer to other branches and then they were sacked.For the dismissal of the contract the employers should at least give notice of termination. Under section 12 of Employment Act 1955 state that, Either party to a contract of service may at any time give to the other party notice of his intention to terminate such contract of service. In the Industrial Relation Act section 20 provides machinery for an employers to dismissed its employees. The employees can make claims if they believe their termination is without a valid reasons.If the Court agree that their termination is without a valid reasons under section 14 of the Employment act 1955,then the Court will reinstated their termination. 3. 6 Recommendation The company may used Conciliation to solve their problems. By using third party as a conciliator. Conciliator is one of the officer of Department of Industrial Relation. The conciliator will meet the both parties whether separately or Jointly. The conciliator will briefing the problems and help the parties to achieves mutual agreement. This way can be used if the negotiations is not useful.The conciliator will give the recommendations and advice. 3. Conclusion Discrimination on the Muslim employees should be stopped by the government. Under article 11 of the Federal Constitution state that every person have the right to practice their own religion and to propagate it. The employer has no right to obstruct Muslim employees to perform their prayers. Regarding the issues of termination without valid reason is void. As it contravene with the Employment Act. The employer must give a notice of a services before dismiss their employees. If the issues can be settled it would create harmonious work environment. Inflation The cost of inflation depends on two cases; perfectly anticipated inflation and unanticipated inflation. Anticipated inflation is defined when individuals are able to make accurate predictions of inflation, they can take steps to protect themselves from its effects. Also, trade unions might use their bargaining power to negotiate for increases in money wages to protect the real wages of union members. Households may want to switch savings into accounts offering a higher rate of interest or into other financial assets where capital gains might exceed price inflation.Businesses can adjust their prices and lenders can adjust interest rates. However, businesses may also seek to hedge against future price movements by transacting in â€Å"forward markets†. For example, many airlines such as Bahamas-Air may buy their fuel months in advance as a protection or ‘hedge' against fluctuations in world oil prices. In Contrast, When inflation is unanticipated, individuals do not reali ze that they should protect their real purchasing power against a rising price level until the price level has already risen and their real purchasing power has already fallen.In this instance, there will be gainers and losers, in terms of purchasing power, from the inflation. In general, unanticipated inflation causes a misallocation of resources. Firms, unions, banks, will push prices and wages up. Those who can do it best will cause a misallocation of resources. For example suppose workers at manufacturing companies in the Bahamas wage increases, and public employees don't. Then, resources (labor) will be reallocated due to the relative market power of the different workers.But more importantly, lenders such as Banks will lose with respect to borrowers, giving individuals an incentive to borrow. For instance, when Bahamian people take out mortgages in order to buy houses at fixed interest rates, they end up aying back less in real terms than they had contracted for, wealth is the n redistributed from banks and other financial institutions to homeowners with mortgages. In relative terms, borrowing becomes cheaper than paying in cash.Another example would be if individuals who retire on pensions that are fixed in nominal amount will find the values of those pensions in terms of the goods they buy eroded as years pass, in this case the redistribution is from pensioners to the owners of insurance companies and other financial institutions that have contracted to pay them fixed dollar amounts. Alternatively, individuals have the incentive to spend now before the price level rises further.This however, will push prices up even faster, and may cause the inflation rate to accelerate and if uncertainty continue to increase, consumers and investors become less certain about the future, as prices rise in an unanticipated fashion. They may change their pattern of spending, and be less willing to undertake projects that take a long time to payoff. The Costs of Hyperinfla tion. Hyperinflation is define when the prices of most goods and services skyrocket, usually more than 50% a month. It usually starts when a country's Federal government begins printing money to pay for fiscal spending.As the money supply increases, prices creep up as in regular inflation. However, instead of tightening the money supply to lower inflation, the government keeps printing more money to pay for spending. Once consumers realize what is happening, they expect intlation. T causes them to buy more now to avoid paying a higher price later. This boosts demand, causing inflation to spiral out of control. The only winners in hyperinflation are those who borrowed before the hyperinflation. Fortunately, the Bahamas have ever experienced hyperinflation but other countries such as Germany and Zimbabwe has.But if the Bahamas was to experience hyperinflation like Germany, the consumers can expect 1 . Inflation Expectations and Wage Demands: Price increases lead to higher wage demands as people try to maintain their real living standards. This process is known as a Wage-price spiral'. 2. Arbitrary Re-Distributions of Income: Inflation tends to hurt people in Jobs with poor bargaining positions in the labour market – for example people in low paid Jobs with little or no trade union protection may see the real value of their pay fall.Inflation can also favour borrowers at the expense of savers as inflation erodes the real value of existing debts. 3. Business Planning and Investment: Inflation can disrupt business planning. Budgeting becomes difficult because of the uncertainty created by rising inflation of both prices and costs – and this may reduce planned investment spending. 4. Competitiveness and Unemployment: Inflation is a possible cause of higher unemployment in the medium term if one country experiences a much higher rate of inflation than another, leading to a loss of international competitiveness and a subsequent worsening of their trade p erformance.