Real Rewards at Nestle free essay sample

It’s the real possibilities you have to learn and grow in your career and to contribute to the company’s success — from day one. And, it’s the real rewards you are offered for your contributions, as you reach your full potential as a member of the Nestle USA team. Nestle USA is committed to maintaining an inclusive environment where Real Possibilities Real People employees feel engaged, understood and accepted for their differences and unique perspectives. We respect all individuals inclusive of their race, color, religion, gender, age, sexual orientation, national origin, gender identity, disability and/or veteran status. In addition, Nestle USA’s strong focus on social responsibility provides many opportunities for you to be involved in your local community. This brochure provides an overview of the Real Rewards at Nestle USA. For more information on these programs and benefits, you can log onto www. mynestletotalrewards. com through HR Connection or talk to your local HR Representative. We will write a custom essay sample on Real Rewards at Nestle or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page â€Å"I came to Nestle 6 years ago and I came here really for the possibilities but I stayed for the people I work with. † At Nestle you’re given a lot of responsibility and with that comes an ability to make a big impact on the business. – Elizabell Marketing Manager, Nescafe – Phil Manager, Market Intelligence Nestle’s Investment In You 3 Compensation Compensation is a key part of Nestle USA’s Real Rewards package and helps to attract, motivate, and retain a workforce of top performers. Our philosophy is to provide and maintain disciplined compensation programs which value long-term relationships with employees while recognizing individual performance. Nestle USA is also committed to offering compensation packages, including base pay, short and long-term incentives and benefits, that are competitive in today’s market. Base Pay Your base salary is the fixed portion of your pay. Base salaries are designed to be competitive, based on data specific to each position as measured in the marketplace. High performance over time is recognized by base pay that is higher than the market. Nestle USA’s Real Rewards Website provides a snapshot of all your compensation and benefit programs (www. mynestletotalrewards. com). Short-Term Incentives Short-term Incentive pay is designed to reward you for accomplishments during a specific performance period (typically annually). For most Staff and Division level positions, Nestle USA offers Awards for Performance Excellence (APEX). APEX targets are set as a percentage of eligible earnings, and award payments are tied directly to Nestle USA’s performance toward the achievement of business objectives that are established annually Nestle USA also offers a variety of Sales and Plant Incentive Plans that are similar in design to APEX to reward employees in those roles for their contributions to Nestle USA’s success. Long-Term Incentives Long-term Incentive plans, such as Nestle USA’s LTIP, are designed to motivate and reward those in eligible leadership positions for the Company’s sustained success ver a longer period, often three years or more. LTIP target award opportunities are set to be competitive within the market and are calculated as a percentage of pay. For more info about HealthWorks, log onto the My Health section of HR Connection. â€Å"Nestle treats employees with a level of respect and dignity that is the envy of our industry. † – Bob Director of Human Resources Nestle USA’s life and ADD insurance provide financial protection — in the form of a cash benefit — in the event you or your covered dependents suffer a serious accident or death. Nestle’s Investment In You 5 Retirement Whether retirement is a number of years away or just around the corner, planning and preparing for your financial future is something to be thinking about now. To help prepare for retirement, Nestle USA offers two retirement plans, the Nestle 401(k) Savings Plan and the Nestle Pension Plan. 401(k) Savings Plan Pension Plan The Nestle 401(k) Savings Plan allows you to save on a tax-deferred basis through convenient payroll deductions. You can contribute from 1% to 25% of your eligible pay (certain IRS restrictions may apply). To help you save for retirement, Nestle USA will contribute $1. 00 for each $1. 00 you contribute up to 3% of your eligible pay, plus $0. 50 for each additional $1. 00 you contribute up to the next 2% of your eligible pay, for a maximum employer matching ontribution of 4% of your eligible pay. In order to receive your full employer match, you need to contribute at least 5% of your pay. It’s â€Å"free money† that can make your account grow faster and help you reach your retirement goals sooner. You will become 100% vested in your employer matching contributions (meaning you gain full ownership of the money) after completing three years of service. The Nestle Pension Plan is designed to provide an additional benefit at retirement, and is fully paid for by Nestle USA (you do not make any contributions to the Plan). You automatically begin participating in the Plan nce you have met the eligibility requirements. After you have been a participant in the Plan for three years, you become vested, which means you own your pension benefit. At retirement, you are able to elect how you wish to have your benefit paid, whether it be a lump sum or one of several annuity options. The Savings Plan offers investment options for every type of investor. You choose how to invest both your contributions and Nestle’s among many investment options that offer various levels of risk and return. To assist you in deciding how much to save and which funds to invest in, Financial Engines ® Personal Online Advisor service is available to all Savings Plan participants. Financial Engines is a leading provider of professional investment advice and best of all, it is available at no additional cost! The Nestle Pension Estimator tool allows you to model various scenarios providing insight into how the value of your plan can grow over time (www. mybenefitscenter. com/nestle). â€Å"Being employed here offers a sense of comfort, security and pride in that you’re part of a large, stable, solvent and ethical corporation. † – Rick Senior Counsel When you are ready to retire (or leave the Company for any reason), you can leave your money in the Savings Plan (certain restrictions may apply) or take it with you. To access your Savings Plan account, log on to the Nestle Smart$aving web site at http://nestle. ingplans. com. To access Financial Engines ®, log on to the Nestle Smart$aving web site and select Investment Advice. 6 Nestle’s Real Rewards Learning and Development Nestle University Nestle USA is part of Nestle S. A. , Nestle USA’s strong commitment to training and professional development provides real possibilities for learning and growth. For Nestle USA, training is more than just a transfer of knowledge and skills. It is fundamental to our culture of learning and development and to the fostering of our corporate principles and values. the world’s leading Nutrition, Health and Wellness Company, with a 135-year history and Nestle USA provides world-class tools, resources and support to enable you to manage your own career path and reach your full potential. Nestle University offers over 30 courses in five key curriculum areas: Innovation, People, Execution, Functional Capabilities and Working at Nestle.

Definition and Examples of Evidence in Argument

Definition and Examples of Evidence in Argument In argument, evidence refers to facts, documentation or testimony  used to strengthen a claim, support an argument or reach a conclusion. The evidence isnt the same as proof. Whereas evidence allows for professional judgment, the proof is absolute and incontestable,  said Denis Hayes in Learning and Teaching in Primary Schools.   Observations About Evidence Without evidence to support them, any statements you make in your writing have little or no value; theyre simply opinions, and 10 people may have 10 different opinions, none of which is more valid than the others unless there is clear and potent evidence to support it. Neil Murray, Writing Essays in English Language and Linguistics,  2012When conducting empirical research, the researchers primary responsibility is to provide evidence to support his or her claim about the relationship between the variables described in the research hypothesis. T]he researcher must collect data that will convince us of the accuracy of his or her predictions. Bart L. Weathington et al., Research Methods for the Behavioral and Social Sciences,  2010 Making Connections David Rosenwasser and Jill Stephen comment on making connections that leave out the steps that lead to them in 2009s Writing Analytically.  Ã‚   A common assumption about evidence is that is is the stuff that proves Im right. Although this way of thinking about evidence is not wrong, it is much too limited. Corroboration (proving the validity of a claim) is one of the functions of evidence, but not the only one. Writing well means sharing your thought process with your readers, telling them why you believe the evidence means what you say it does. Writers who think that evidence speaks for itself often do very little with their evidence except put it next to their claims: The party was terrible: There was no alcohol or, alternatively, The party was great: There was no alcohol. Just juxtaposing the evidence with the claim leaves out the thinking that connects them, thereby implying that the logic of the connection is obvious. But even for readers prone to agreeing with a given claim, simply pointing to the evidence is not enough.   Qualitative and Quantitative Evidence Julie M. Farrar defines two kinds of evidence in Evidence:  Encyclopedia of Rhetoric and Composition,  from 2006. The mere presence of information does not constitute evidence; the informative statements must be accepted as evidence by an audience and believed by it to be relevant to the claim at issue. Evidence can be generally classified as qualitative and quantitative. The former emphasizes explanation and description, appearing continuous rather than discrete, while the latter offers measurement and prediction. Both kinds of information require interpretation, for at no time do the facts speak for themselves. Opening the Door In Evidence: Practice Under the Rules from  1999, Christopher B. Mueller and Laird C. Kirkpatrick discuss evidence as it relates to trial law. The more far-reaching effect of introducing evidence [in a trial] is to pave the way for other parties to introduce evidence, question witnesses and offer argument on the subject in attempts to rebut or confine the initial evidence. In the customary phrase, the party who offers evidence on a point is said to have opened the door, meaning that the other side may now make countermoves to answer or rebut the initial evidence, fighting fire with fire. Dubious Evidence In  Not on the Doctor’s Checklist, but Touch Matters from 2010 in The New York Times, Danielle Ofri discusses findings called evidence that isnt actually valid. [I]s there any research to show that a physical exam in a healthy person is of any benefit? Despite a long and storied tradition, a physical exam is more a habit than a clinically proven method of picking up the disease in asymptomatic people. There is scant evidence to suggest that routinely listening to every healthy person’s lungs or pressing on every normal person’s liver will find a disease that wasn’t suggested by the patient’s history. For a healthy person, an abnormal finding on a physical exam is more likely to be a false positive than a real sign of illness. Other Examples of Dubious Evidence America must not ignore the threat gathering against us. Facing clear evidence of peril, we cannot wait for the final proof, the smoking gun that could come in the form of a mushroom cloud. President George W. Bush, in justifying the invasion of Iraq in 2003  We have it. The smoking gun. The evidence. The potential weapon of mass destruction we have been looking for as our pretext of invading Iraq. Theres just one problem: its in North Korea. Jon Stewart, The Daily Show, 2005

Feeding a Rapidly Expanding Population Essay Example | Topics and Well Written Essays - 750 words

Feeding a Rapidly Expanding Population - Essay Example First, demand for food is changing fast across the globe. This comes as a result of a larger and wealthier population that has cut straight into the global food supply chain. Second, as food producers seek to produce more, they are required to demonstrate and practice acceptable levels of social and environmental responsibility. The third is the need to eliminate hunger among the world’s most impoverished populations. These three dimensions form the ultimate solution to the problem of feeding nine billion people. In an effort to address these three dimensions of the food problem, it is important to come up with better approaches to meeting the global food demand, which should ensure that, while not much of the uncultivated land will be cultivated, more and higher quality food will be produced. The next section discusses the measures that should be taken in an effort to fulfill this objective. Effective Measures As Godfray and his analysis group have noted, the three-dimensional food problem that is facing the world needs to be addressed by significant changes in the process of food production by the producer and food access by the consumer. In other words, it is important, in an effort to solve the food problem, to execute an overhaul in the global food supply chain in an effort to accomplish the extent of efficiency that was witnessed in the previous three centuries. This is a goal that the world food production chain will have to focus on despite the hurdles that come with the constraints of natural resources.

ETHICS AND FINANCIAL SERVICES Essay Example | Topics and Well Written Essays - 1000 words

ETHICS AND FINANCIAL SERVICES - Essay Example The asbestos inhaled by the workers during production caused asbestosis, chronic disease of the lungs (Upadhyay 2009). Asbestos is a mineral that is an extraordinary useful commercial property. It was used in construction sites, power plants, government projects and of most important was the building of ship. In fact, the James Hardie Industries (JHI) was known to have the largest labour force, which over saw its use in the production of fibre cement in Australia. Through this, workers started experiencing asbestosis after a certain period of time and complains arose on the claims for compensation for attracting the disease (Larson 1977) It was about this time that James Hardie faced a suit by the workers due to his ignorance on their pleas. His group sought to depress the issue by settling the cases through the establishment of a Medical Research and Compensation Foundation (MRCF), which was supposed to handle claims and payments of asbestos poisoning from its products. However those who were given the mandate to manage the research assumed a consistent position that the assessment of the asbestos liabilities at all the relevant times was adequate, with unrelated legal entity for which it had no responsibility (Sneyd 1994). Soon the foundation was rendered under-funded with A$293 million where an estimate of $2.2 B was required and this became a major public issue with the merging of various victim groups, politicians, and media personalities among other supporters who were pushing for intervention from the government. In response to their demand, an inquiry was set to investigate the Jack Hardie group. As a result, Larson 1977 argues that the MRCF was instructed by the government to offer adequate compensation for all the future asbestos victims who had worked at the James Hardie Industries (JHI). Due to extreme pressure from the government and the public, James Hardie

Forest Fires Lab Report Example | Topics and Well Written Essays - 500 words

Forest Fires - Lab Report Example Forest fuels at that time grew progressively drier, additionally; the early summer thunderstorms gave lightning without sufficient rain. The fire that was initially assumed to be easily containable began on June of 1988 with storm Creek Fire, Red fire and Fan fire all manifesting. June of the same year become more challenging as Mink & Clover fires and Lava fire began. By August of 1988, a lot of damages had occurred with other fires starting within the same park. Most notably was the fire of August 20, 1988, "Black Saturday" a day that huge amount of land was burned, and many witnessed dense smoke ever. This was a month that many other roads became impassable due to the intensity of the fire. Despite suppression efforts, the 1988 fires ultimately seized only with the coming of the mid-September snowfall. What then followed was the full evacuation of citizens who leave around the park and forest reforestation efforts. There are various actions taken by the forest managers key among them the implementation of a new fire management plan for Yellowstone in 1992. The implemented plan helped address future related fire concern including detailed guidelines for managing or handling natural fires and provision of more resources towards fire management. The other action has been more surveillance to manage future fire incidences quickly. The final management action has been in line with more ecological awareness to ensure polluted free environment. One can argue that these initiatives have been fruitful since no major fire has emerged in the area. My approach to the fire would be to handle the fire immediately before it becomes unmanageable. This is possible through more prompt aerial surveillance. Yellowstone fire of 1988 was majorly accelerated initially by reluctance (Gomez et al., 95). The management was more reluctant initially with the belief that it was a natural fire that

Source of Competitive Advantage

Source of Competitive Advantage One of the reasons of the success of 7-Eleven Japan or SEJ comes from the consumer-focused orientation based on Information Systems use. Its complete understanding and control of its market and operations based on IT support contribute to its sustainable competitive advantage. Even though SEJ regards IS as simply a tool, it is known for proactive investment in IT and outsourcing of its critical system. SEJs strategy is outsourcing most of IS management in response to the speed of the market, this strategy allows SEJ to concentrate on developing a vision that works with the business strategy. Regularly, SEJ explores chances to obtain first mover advantage by introducing state-of-the-art technologies, for instance, point-of-sales system and Integrated Service Digital Network (ISDN) in which allowed 30 times faster speeds and enabled SEJ HQ to shorten analysis process of daily POS data item by item. This operational planning and control system expedites inbound and outbound logistics an d the sales forecast relies on POS data to reveal changes in consumer preference. These innovations improve replenishment process and maintain availability of products which in turn sustain the degree of customer loyalty leading to the competitive advantage. In the US, 7-Eleven was the first major convenience store chain in the US to develop a proprietary Retail Information System (RIS) feature POS, item level sales analysis, automated back office functions such as sales and cash reporting, payroll, gasoline pricing and inventory control, which are connected directly to the company accounting system and integrated gasoline pay-at-the-pump functionality. The system builds efficiencies towards ordering, distribution and merchandising processes. Similar to its strategy in Japan, 7-Eleven outsource majority of RIS to third party providers. RIS implementation provides timely, accurate sales information on an item-by-item basis in which facilitates inventory management that is known to be the key success factor in C-store business where inventory turnover is fast and replenishment process has to be able to catch up with the pace. Consequently, they are attributable to the source of sustainable competitive advantage of its operation in the US. Not to mention the introduction of integrated credit-card authorization and gasoline sales into POS register that yields more American customer base as they are mono-chronic culture who prefer one-stop shopping. References Briggs, W. Shore, B. 2007, Competitive Analysis of Enterprise Integration Strategies, Industrial Management Data Systems, vol.107, no.7, pp.925-935. http://webcache.googleusercontent.com/search?q=cache:aZIbIH9D0hsJ:suffolk.us/wbriggs/Competitive%2520Analysis%2520of%2520Enterprise%2520Integration%2520Strategies%2520EDITED%25204-23-07.doc+Competitive+Analysis+of+Enterprise+Integration+Strategiescd=3hl=enct=clnkgl=au Gottfredson, M. Puryear, R. Phillips, S. 2005, Capability Sourcing at 7-Eleven, viewed 29 April 2010, . Nagayama, K. Weill, P. 2004, 7-Eleven Japan Co.Ltd.: Reinventing the Retail Business Model, CISR WP no. 338, pp.1-20. http://202.205.89.79/download/materials/2009s/discipline/system_approach_to_accounting/Case%20Seven%20Eleven%20Japan%20cisrwp338.pdf

Essay --

During the experiment the researcher explained the subject that first they will do a test, followed by a warm up and after they will repeat the same test. The participants were very receptive, following carefully what the researcher told them. When the test has started all the participants lined up, being ready to perform. The timer has started and each and every subject did their best. After the first test has ended, a warm up came next, where the subjects had to do jogging for two minutes, high knees both ways of the court, heel flicks, sidewalk running, jumping jacks, and sprints starting from a low to a high intensity. Some of the participants seemed very tired, saying that will have a bad result the second time and some participants said they did not need the warm up because second time will make sure to have a better score. It can be seen from the results that almost everyone has a better score than the first time, except one person. 7. From the results found in this experiment people can see that warm up has a good effect on athletes. What most of the researchers wrote in thei...

The Way of Financial Capability Is Through Financial Literacy

The way of Financial Capability is through financial literacy: Indian and Global Scenario Asst. Prof. Prajakta Joshi N-12, Maurya Vihar, Near Sahajanand Society, Kothrud, Pune -38 Email – [email  protected] co. in Contact no. – 9371207428 The way of Financial Capability is through financial literacy: Indian and Global Scenario Abstract In every stage of life people face challenges to take certain financial decisions. Financial illiteracy is inability to make informed judgments and effective decisions regarding the use and management of money and wealth which affects their family and society at large.It is utmost important for a country to take steps for financial literacy in order to improve the standard of society society and economy of the nation. Financial literacy is the set of skills and knowledge that allows an individual to take appropriate financial decisions. The objective of the research is to understand financial literacy and its importance. It also aims to understand the current financial literacy initiatives that are taking place in India and other parts of the world.Financial literacy is more important in country like India where large chunk of population is illiterate hence they do not have easy access to formal financial set up. This population has lack of knowledge about financial planning. The Indian government has insisting on the need for financial literacy and generating confidence among people who burnt their fingers by taking wrong decisions. The promotion of financial literacy in developing countries is timely and can be a win-win situation for poor people and financial service providers alike..Financial literacy skills can be applied everywhere viz. managing a wide range of individual, household, business, and community resources. The effective financial literacy is the best tool to help the society to deal with future needs as well as to deal with contingencies. Key Words: financial literacy, financial education, financ ial programs, financial planning Introduction: Financial decisions can be rigorous task. Making financial choices by comparing savings or borrowing options with different interest rates and term structures can cause a certain level of discomfort.Sometimes a knowledgeable individual may need to rely on calculators or spreadsheets to make truly informed decisions. Investment decision involves some amount of risk; hence the number of investors are less as compared to the rate at which markets in India are growing. People hesitate to invest due to lack of awareness and proper knowledge of financial services available in market. This uncertainty is due to lack of information and understanding of investment basics. Creating informed investor is the major challenge for constant growth of Indian economy.Investments may be in the form of fixed deposit, real estate, gold, mutual fund, bond and shares. As per Indian scenario people are least interested in investment is share market due to lack of knowledge. Only 1% of Indian population is active investor in capital market. Government of India has already taken steps to increase the awareness and knowledge of the population through various investor education programs. Financial literacy programs that teach individuals how to spend save and budget responsibly.These initiatives should reach to the root level of Indian population. The awareness should spread among the farmers that consist of 70% of Indian economy. Objective: 1. To understand the financial literacy and its importance. 2. To learn about the Initiatives for Financial Literacy in the global context. 3. To study the efforts taken by various institutions for Financial Literacy in India. Literature Review: Lusardi and Mitche (2006, 2007), have conducted basic financial literacy test for both U. S. nd other countries and their research shows that many adults do not understand the difference between compound and simple interest; the characteristics of financial asset s such as stocks and bonds; the benefits of portfolio diversification; or the important features of their own mortgages, Social Security and pension plans. Lusardi and Tufano( 2009), (van Rooij, Lusardi, and Alessie 2007), (Hastings and Tejeda-Ashton 2008) found that people with low financial literacy are more likely to have problems with debt, less likely to participate in the stock market and mutual funds.Previous research has found that financial literacy can have important implications for financial behavior. Ajay Tankha, Development consultant of Sa-dhan, a self help group conducted study in India related to financial literacy and indicated that nearly 96% of the population across the country felt that they would not survive for more than one year if there is a loss of income. Worthington, AC, Predicting financial literacy in Australia, Financial Services Review, 15(1), Spring 2006, 59-79, used Logit models to predict financial literacy using the 2003 ANZ Survey of Adult Financ ial Literacy in Australia.Factors examined include gender, age, ethnicity, occupation, education, income, savings and debt. The result shows Financial literacy is highest for persons aged between 50 and 60 years. Literacy is lowest for the unemployed, females, and those from a non-English speaking background with a low level of education. Research Methodology: The research paper is based on descriptive analysis. The secondary data sources are : 1. Websites 2. World economic forum report 3. Books 4. Journals Conceptual background: Definition of Financial Literacy:Financial Literacy is the knowledge and ability of an individual to make informed and effective money management decision. Financial literacy can be achieved when a person develops financial knowledge and skill along with access to financial services, government policy, financial instruments and updates in tax structure. Financial literacy—the ability to process financial information and make informed decisions about personal finance—has received growing attention in the developed world, and recently, in the developing world, as a potentially important determinant of household well-being.The term financial literacy is used often but many do not truly understand the definition. As Stone (2004) states, â€Å"financial literacy is the ability to read, analyze, manage and communicate about the personal financial conditions affecting material well being† (p. 1). The concept of financial literacy takes into consideration the ability to balance your check book or being able to read your financial statements. A better informed citizen can be more prudent in planning his personal finance consequently helps in strengthening the country’s economy.It is important that people should accurately perceive their own economic decision Therefore there should be substantial contribution from government of India and other non- government organizations. Importance of financial literacy: In recent years, financial literacy has gained the attention of a wide range of major banking companies, government agencies, grass-roots consumer and community interest groups, and other organizations.Interested groups, including policymakers, are concerned that consumers lack a working knowledge of financial concepts and do not have the tools they need to make decisions most advantageous to their economic well-being. Such financial literacy deficiencies can affect an individual's or family's day-to-day money management and ability to save for long-term goals such as buying a home, seeking higher education, or financing retirement. Ineffective money management can also result in behaviors that make consumers vulnerable to severe financial crises.Financial literacy allows people to increase and better manage their earnings – and therefore better manage life events like education, illness, job loss or retirement. It also promotes understanding and acceptance of important political refo rms, such as health care or pension reforms. While the significance of financial literacy has not yet been fully articulated and recognized by the international development community – or by policy makers and practitioners in developing countries – measures to promote and improve financial education are becoming more frequent.The providers of financial literacy programs are a diverse group that includes employers, the military, state cooperative extension services, community colleges, faith-based groups, and community-based organizations. Commercial banks are also important providers of financial literacy education. All but two of the forty-eight retail banks responding to a recent survey by the Consumer Bankers Association reported contributing to financial literacy efforts in some way.Many banks consider their engagement in this area a way to expand their customer base and promote goodwill, and such activities are often given favorable consideration in examinations f or compliance with the Community Reinvestment Act. International Scenario of Financial literacy: The development in medical and technology field results in increase in life expectancy, however the person should also be sustain economically till he alive. Financial literacy has become an immensely popular component of financial reform across the world to retain and increase the income for future survival.USA: Financial literacy promotion was started early in 1908 in United State of America, Edward A. Filene established American credit union movement to promote financial literacy in form of newsletters. .Some governments have devoted efforts to improve financial literacy. In USA many state governments require high school students to take financial education courses; the first such requirement took effect in Nevada in 1957. CNN Money has an outstanding overview of basic personal finance topics called Money 101. Each of the 23 topics includes several pages of information, and many of th e subjects include an interactive calculator or tool.The Federal government has a website called MyMoney. gov, which is â€Å"dedicated to teaching all Americans the basics about financial education. † American Association of University Women California’s work with financial literacy program from 2008. They have developed six modules for college students and women. As response to the recent financial crisis, the United States government set up the President’s Advisory council on Financial Literacy in January 2008, charged with promoting program that improves financial education at all levels of the economy.The Federal government also provides the Federal Citizen Information Center, which offers free (or cheap) publications on a variety of topics including finance.. Private foundations are also stepping up for promotion of financial literacy and its advantages. The Citi Foundation, funded by Citigroup, has supported a number of initiatives that look to improve fi nancial literacy throughout the world. Currently, the program is headed by Microfinance Opportunities, a microenterprise resource center that promotes client-led microfinance, and Freedom from Hunger.Australia: the commonwealth Bank has offered education and financial literacy initiative to young and adult Australians. Since the 1930’s, the bank has particularly focused on supporting the financial needs of young people through its Student Banking Program and the Dollars and Sense . Portland, Maine: An Institute for Financial Literacy is established in 2002. . It is nonprofit organization which supports financial literacy program. Indonesia: In the developing world, the Indonesian government declared 2008 ‘the year of financial education’.Europe and Central Asia: Starting in 2005, the Europe and Central Asia Region of the World Bank initiated a pilot program in financial literacy, for the pilot program nine countries review were conducted that includes six states of European union namely, Bulgaria, Czech Republic, Latvia, Lithuania, Romania and Slovakia plus the Russian Federation and Azerbaijan, Croatia. The financial literacy initiative is currently being implemented by Pro Mujer (Bolivia), Teba Bank (South Africa), Al Amana (Morocco), Equity Building Society (Kenya), SEWA Bank (India), CARD Bank (the Philippines) and the Microfinance Centre (Poland), among others.Indian Scenario of Financial literacy: 65% Indians lack financial literacy, according to Financial Service giant Visa, recently came up with a survey which declared India as one of the least financial literate countries among 28 countries. [pic] Source: Visa this survey is conducted in the period between February and April 2012 and interviewed 25,500 respondents in 28 countries including global superpowers like USA, Canada and Australia. Out of a possible score of 100, Brazil topped the charts with a 50. 4 followed by Mexico with 47. 8, Australia with 46. 3, USA with 44 and Canad a with 43. in top 5 overall country ranking. India ranked 23rd as the report termed only 35% of Indian respondents as financially literate. In India, the Reserve Bank of India launched an first initiative in 2007 to establish Financial Literacy and Credit counseling centers throughout the country which would offer free financial education and counseling to urban and rural population. Initiatives taken for Financial Literacy in India: In India Financial Literacy initiative taken by various agencies to enhance financial capability of Indian population. These initiatives include: 1. RBI’s initiative on Financial LiteracyInitiative taken by Reserve Bank of India, Reserve Bank of India has undertaken a project titled â€Å"Project Financial Literacy†. The objective of this project is to propogate information regarding the general banking concepts to various target groups, including school and college students, women, rural and urban poor, defense personnel and senior citize ns. The project has been designed to be implemented in two modules, one module focusing on the economy, RBI and its activities, and the other module on general banking. The material is created in English and other vernacular languages.The information is distributed to banks, local government, schools and colleges through presentations, pamphlets, brochures, films and also through RBI’s website. The other measures implemented by Reserve Bank of India in this regards include conducting essay competition to promote financial awareness among school children on topic banking and finance. Recently RBI launched ‘RBI Young Scholars’ award’ scheme for outstanding students in order to generate interest in creating awareness of banking sector of the country. 2. SEBI’s initiative on Financial Literacy Securities Exchange Board of India has started financial education on a nationwide.To undertake financial education to various target segments viz. school student s, college students, working executives, middle income group, home makers, retired personnel, self help groups etc. , SEBI has empanelled Financial Educator Resource Persons throughout India. The Resource Persons are given training on various aspects of finance and equipped with the knowledge about the financial markets. These SEBI Certified Resource Persons organise workshops to these target segments on various aspects viz. savings, investment, financial planning, banking, insurance, retirement planning etc.More than 3500 workshops have been already conducted in various states covering around two lakh and sixty thousand participants. Investor education programs are conducted by SEBI through investor associations all over the country. Regional seminars are conducted by SEBI through various stakeholders viz. Stock Exchanges, Depositories, Mutual Funds Association, Association of Merchant Bankers etc. SEBI has a dedicated website for investor education wherein study materials are avai lable for dissemination. SEBI also publishes study materials in English and vernacular languages.Under ‘Visit SEBI’ programme, School and college students are encouraged to visit SEBI and understand its functioning. SEBI has recently set up SEBI Helpline in 14 languages wherein through a toll free number, investors across the country can access and seek information for redressal of their grievances and guidance on various issues. (ref. www. rbi. org) 3. IRDA’S Initiatives on Financial Education Insurance Regulatory and Development Authority has taken various initiatives in the area of financial literacy. Awareness programmes have been conducted on television and radio and simple messages about the rights nd duties of policyholders, channels available for dispute redressal etc have been propagated through television and radio as well as the print media in English, Hindi and 11 other Indian languages. IRDA conducts an annual seminar on policy holder protection and welfare and also partially sponsors seminars on insurance by consumer bodies. IRDA has done a pan India survey on awareness levels about insurance. IRDA has also brought out publications of ‘Policyholder Handbooks’ as well as a comic book series on insurance. A dedicated website for consumer education in insurance has been launched. 4. PFRDA Initiatives on Financial EducationThe Pension Fund Regulatory and Development Authority, India’s youngest regulator has been engaged in spreading social security messages to the public. PFRDA has developed FAQ on pension related topics on its web, and has been associated with various non government organizations in India in taking the pension services to the disadvantaged community. PFRDA’s initiatives have become more broad-based with direct mass publicity on NPS – both as individual model through POPs and group models through Aggregators. PFRDA has issued advertisements in print media and electronic media thro ugh radio and television.PFRDA appointed intermediaries are called Aggregators who are directly responsible for pension awareness mostly in vernacular languages and in line with socio-economic sensibilities 5. Market players Initiatives on Financial Education Commercial banks are realizing that they are missing out on large segment of financially illiterate and excluded segment of prospective customers. Major financial institutions are spreading awareness through Financial Literacy and Counseling Centers and Rural Self Employment Training Institutes on financial literacy.The objective of these centers is to advise people on gaining access to the financial system including banks, creating awareness among the public about financial management, counseling people who are struggling to meet their repayment obligations and help them resolve their problems of indebtedness, helping in rehabilitation of borrowers in distress etc. Some of these credit counseling centers even train farmers/wom en groups to enable them to start their own income generating activities to earn a reasonable livelihood. Similarly, many Stock Exchanges, Broking Houses andMutual Funds have initiatives in the field of financial education through conducting of seminars, issuance of do’s and don’ts, and newspaper campaigns. Insurance companies too, carry out campaigns and other educational activities for generic education in insurance. 6. Other Measures Other than the Reserve bank and other regulators, various NGO’s in the country are also spreading financial literacy in the country. Sanchayan is a NGO dedicated exclusively to spreading financial literacy and awareness among the youth and adults from low-income background.Sanchayan conducts free workshops for the underprivileged youth on topics ranging from the basics of banking, credit cards and PAN cards to the investing in shares and mutual funds, so that these youth can become financially aware and also a part of the mainstr eam banking and financial services industry. Indian School of Microfinance for Women through its Citi Center for Financial Literacy (CCFL) has formed a network of partner organizations named National Alliance for Financial Literacy (NAFil) to take financial literacy as a movement across the country.Also Manndeshi Udyogini Business School for Rural Women: HSBC has collaborated with Mann Vikas Samajik Sanstha in Satara to provide financial literacy and management skills to girls and women with no formal education Conclusion and Recommendations: It is a need of an era to understand the concept of financial literacy for rapid progress of economy. The financial literacy is not restricted only to small savings but it is also useful for how to use credit responsibly, fund management, minimize financial risks, maximization of profit and derive long-term benefits of investment.Financial literacy movements have already started globally. India has also made rapid progress in the field of finan cial education through various programs initiated by government and other agencies. In this context the following recommendations are worth notable to increase the financial literacy of the country. 1. Financial literacy program should be the part of academic syllabus from primary education. 2. Special program should be designed for woman who develops the cultures in the family, this can be implemented through anganwadi teachers and self help groups. 3.In rural area program should be designed in regional language and should be presented in form of dramatics or street play for their better understanding. 4. In advance stage the programs on investment in capital market should be introduced in easy language for educated middleclass. 5. There is a scope for further study whether financial education programs are effective in improving financial literacy and financial behavior. REFERENCES: 1. A Survey of the Banking Industry† (July 2001) 2. Dean Roy Nash, FINANCIAL LITERACY: AN INDI AN SCENARIO, Asian Journal of Research in Banking and Finance. 3. Eikmeier, B. J. (2007).Trends drive opportunities for financial planning for women. Journal of Financial Planning, 20(6),6. ry of Low-income Students: Literature 4. Frenette M. & Robson, J. , (2011). Financial Literary of Low-income Students: Literature 5. implications for financial education. Business Economics, 35-44. 6. Lusardi, A. (2009). Financial literacy, retirement planning, and retirement wellbeing: Lessons 7. Lusardi, A. (Jan 2007). Financial literacy and retirement preparedness: Evidence and 8. Lusardi, Annamaria, and Olivia S. Mitchell, 2006. â€Å"Financial Literacy and Planning: Implications for Retirement Wellbeing. Pension Research Council Working Paper No. 1. viewed December 28, 2012. 9. Lusardi, Annamaria, and Peter Tufano. 2009. Debt Literacy, Financial Experiences, and Overindebtedness. NBER Working Paper n. 14808. 10. Stone, G. (2004, June). Loma. Retrieved July 17, 2009, from: www. loma. org 11. Tankha. A. 2011. Financial literacy: concept and its importance in India. Vol. 2 Issue 4, April 2012, ISSN 2249 7323 12. Worthington, AC, Predicting financial literacy in Australia, Financial Services Review, 15(1), Spring 2006, 59-79. 13. www. commbank. com. au 14. www. worldbank. org 15. www. financiallit. org 16. www. aauw-ca. org

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