Asset ranges.
\r\n\tThis book will intend to look at different migrant patterns, voluntary and involuntary migration, over the last three centuries. What influenced people to leave their home countries, family, and friends and settle somewhere else? The book may include histories of the 19th century, consider tragedies and movements activated by political events in the 20th century, and/or look at recent events of the 21st century. Push and pull factors are important points. While most of us may be influenced in a negative way by the current happenings in Eastern Europe, the Russian invasion and resulting tragedies also demonstrate some very positive human traits – the preparedness of Ukraine’s surrounding countries to help those in need and to provide a safe place for the present.
\r\n\tWhether one looks at voluntary or involuntary migration into any country, after a period of adjustment, migrants do play a positive role. The research found that migrants contribute to the economy (food, shelter, employment, tax) and enrich a country’s cultural norms. Prerequisites for successful settlements are that the host society adopts a tolerant approach and that the migrants recognize the law and the language of the host country. Nothing is ever easy or without controversy, but I am a migrant (German Australian), and life in Australia has been relatively harmonious. Issues that could be considered in the book are multicultural societies (do monocultural societies still exist?) and theories of acculturation versus integration (settlement processes).
\r\n\tTwo further issues are very important in relation to human migration. There is climate change, global warming, and the environment, which clearly affect people’s movement. Small island populations are very concerned about rising sea levels. 2021 has also seen floods costing human lives: Turkey (August 2021), Brazil (December 2021), Chile (January 2021), and South India (November 2021), to name but a few. In Australia (March 2022), farms and whole townships in New South Wales and Queensland have been flooded for the second time in five years, and plans to resettle these towns are considered. Official and social media provide ample coverage of the events, which leads me to the next issue. There is today’s very important role of the media, of the official and social media. We are constantly bombarded with images of human war tragedies and flood victims. People in industrialized, western countries must be the best-informed populace. How far do the images and up-to-date TV news influence us, make us change our behavior, and perhaps even consider us more generous than we have been?
\r\n\tClimate change and the media are relatively new to the human migration debate, but both issues play important parts, and some interesting discussions are appreciated.
\r\n\t
Echinococcosis is considered the most common parasitic disease and the most widespread zoonotic infection caused by several cestode species belonging to the genus
This parasite has 12 different genus types, though four major species are known to cause human parasitic disease:
The parasitic life cycle involves two mammalian hosts. The intermediate hosts include members of the ungulates such as sheep, goats, and pigs. The definitive host of this parasite is the dog and other members of canids.
The adult parasite inhabits the small intestine of a definitive host and eggs, containing infective oncospheres, are produced. Subsequently, free eggs as well as cestode segments are excreted through the stool of the host into the environment [1].
Following an oral uptake of eggs by an intermediate host, a larval stage (metacestode) develops in several internal organs, mainly the liver and lungs, after a larval migration through the blood and lymph vessels. Typically, numerous protoscoleces are produced by the mature metacestode, each with the potential to develop into an adult cestode after oral ingestion by a suitable definitive host [3].
Humans are accidental or aberrant hosts that are not essential to the natural
Developing cysts are responsible for the morbidity and the mortality related to the disease [3].
Cystic echinococcosis (CE) occurs worldwide.
Although Echinococcosis is regarded as an eradicable disease, it leads to serious economic losses for public health systems and agricultural sectors in endemic areas [6]. Therefore, numerous control programs reveal that preventive measures for the interruption of parasitic life cycle may relatively reduce the prevalence and the incidence of the hydatid disease [3, 7].
CE clinical presentation reflects the presence of one or more unilocular fluid-filled cysts. Liver and lungs are most commonly affected: about 70% of cysts involve the liver and the lungs are involved in 20% followed by other organs such as spleen, kidney, brain, breasts, and bone.
The disease course is typically slow and most patients have an asymptomatic disease course for several years. Otherwise, the cystic slow growth rate is estimated at 1–5 mm per year and patients develop symptoms as the cyst gradually grows [5, 8, 9, 10].
In the early stage of echinococcosis, clinical manifestations are mild. At later stages, damaged tissues and organs can become dysfunctional with the occurrence of symptoms related to cystic complications.
Symptoms are nonspecific and the diagnosis is often incidental, based on immunological tests and imaging such as standard radiology, ultrasonography (US), computed axial tomography (CT), and magnetic resonance imaging (MRI).
Serologic diagnostic methods play an important complementary role. They are used in order to support the radiological diagnosis and for follow-up of patients after surgical or pharmacological management.
There are multiple immunological responses to the disease. Mild immune response is noted with rugged and intact cysts, whereas complicated cysts (leaking or ruptured cysts) tend to show a strong immune response [4].
Serodiagnosis consists of the detection of specific serum antibodies by multiple immunodiagnostic tests. An optimum test should be specific with high sensitivity. There are considerable differences between the various serological tests, concerning the specificity as well as the test sensitivity.
In routine laboratory applications, the indirect hemagglutination (IHA) is often nonspecific, while the enzyme-linked immunosorbent assay (ELISA) using crude hydatid cyst fluid has a high sensitivity (up to 95%) with low specificity. Concomitant use of both tests (IHA and ELISA) is associated with diagnostic sensitivity over than 85–96% [1, 11].
False-positive serological findings are revealed in 20% of patients with CE, which is mainly related to cross-reactions with other parasitic diseases. Furthermore, seronegativity rate is relatively higher in cases with nonactive disease stages, in patients treated for autoimmune or malignant pathologies and during pregnancy [12]. Cysts in the bone, brain and calcified cysts often show no or low immunological response [5].
Immunoblot analysis is generally used when IHA and ELISA findings are not definitive. The immunological diagnosis is established by the detection of specific serum antibodies. Immunological methods often use the most specific antigens:
US is considered as the first choice imaging modality in the diagnosis and follow-up. It is a convenient and efficient imaging tool that demonstrates the cystic number, location, and size. Furthermore, US can guide the interventional radiology, which is often available, safe, and cost-efficient method with no radiation. Therefore, it can be used in endemic areas with large populations to make a prompt diagnosis. It mainly explores abdominal location.
Typically, the liver involvement is shown as a mixed echogenic, heterogeneous pattern with irregular contours with multiple distributed calcific foci, whereas, the radiologist must be aware of differential diagnosis in less typical appearance. The criteria for ultrasonographic cystic classification of liver was first made by Gharbi in 1981, and then, improved by the World Health Organization (WHO) in 2001 [5]. Cysts in other sites like the brain and the lung are not well demonstrated with US and it require the use of other screening techniques. Conventional radiography can be required as the initial imaging modality to diagnose thoracic and bone involvement. The X-ray findings are nonspecific and are visualized as multiple small opacities [14].
CT and MRI are mainly used in some cases, where US does not provide definitive findings. These imaging tools are necessary for illustrating the lesions morphologic features in intra-abdominal organs, which are involved through a direct invasion from the primary lesion or disseminated disease.
They are also indicated in patients with sub-diaphragmatic location, extra-abdominal sites (in bone and soft tissues involvement), complicated cysts such as cysto-biliary fistulae and abscess, cases with extra-abdominal dissemination. Moreover, CT and MRI can be useful for the preoperative evaluation and for patient’s follow-up examination.
The radiologist should be familiar with multimodality imaging findings of this particular disease. Thus, according to the organ involvement, the lesion can be confused with other differential diagnosis including neoplasms, metastatic neoplasms, or abscess [14].
There are several treatment approaches for echinococcosis, including monitoring (watch and wait strategy), chemotherapy, interventional radiology, and surgery. Indications for one or more management options are complex and depend on the cyst features, medical and surgical equipment availability and the patient’s cooperation. Therefore, it is preferable to refer patients to reference treatment centers for echinococcosis in order to get the suitable management [15].
The choice of the therapeutic modality is related to cyst stage, size, site, and comorbidities.
Medical treatment using parasitostatic drugs such as benzimidazoles (mebendazole and albendazole) is mainly recommended for inoperable patients and patients with disseminated disease. Drug therapy should be administered continuously for at least 3 months. However, prolonged treatment has a high cost with multiple teratogenic side effects [16]. Moreover, chemotherapy can be used as a complementary therapy to surgery or to prevent metastasis and secondary cystic sites. However, it is not recommended in the treatment of inactive or calcified cysts [17].
The watch and wait strategy is a therapeutic option for uncomplicated cysts with multiple involvements. It requires a regular long-term monitoring of liver function tests and leukocyte counts [17].
The percutaneous treatment modality is defined as an option for the management of cysts in the liver and other abdominal locations. This procedure is divided into two techniques: (1) PAIR technique is the best known, consisting of the destruction of the germinal membrane following the use of a scolicidal agent and (2) modified catheterization techniques aiming at the entire endocyst evacuation. This approach is a mini invasive procedure comparing to the surgery, but cysts containing daughter vesicles are not the best indication for percutaneous treatment because of the high risk of spread into the peritoneal cavity and into the biliary tract [5].
Surgery should be carefully evaluated. The decision-making is based on the characteristics of the hydatid cyst as the cyst type, number, size, location, and the presence or not of associated complications. It is well recommended for large cysts containing multiple daughter vesicles, symptomatic and complicated cysts, cysts with superficial location that may be ruptured spontaneously or following a benign trauma, infected cysts and cysts with close contact with vessels or adjacent vital organs. Furthermore, it can be an option for patients not suitable for percutaneous treatment.
The surgical approach is aiming to parasite inactivation, evacuation of the endocyst with the prevention of contamination, germinal layer removal, and residual cavity management [18].
Regarding the abdominal sites (typically the hepatic involvement), there are two surgical approaches consisting of a conservative surgery and radical procedure using open or laparoscopic surgery [19].
Conservative procedures consist of the parasitic cyst contents removal such as daughter vesicles and germinative membrane, whereas the pericyst is retained. The residual cavity is carefully explored to research any evidence of cystic biliary tract communication and then managed according to different techniques: capitonnage, omentoplasty, or external drainage.
Surgeons should cover the operating field with a scolicidal agent in order to avoid the parasites spillage and the peritoneal cavity contamination.
Conservative surgery is simple, safe with relatively reduced operative time, but has high morbidity and recurrence rates [19].
Radical surgery is the first therapeutic choice suitable for total excision of the entire parasitic lesion. Whenever possible, complete resection is required because radical surgical procedures are superior to conservative surgical methods and may cure definitively the patient [18].
The radical surgery target is the removal of the whole cyst with the parasitic contents and pericystic tissue.
Radical procedures includes: partial cystectomy, total cystic removal through an open or closed pericystectomy, and hepatic resection.
During the pericystectomy, a proper cleavage plane between the inner layer and the outer cystic layer may limit the liver parenchyma damage.
Hepatic resection is more difficult, takes longer operative time with higher risk of blood loss but lower cystic recurrence rates.
Comparing to conservative treatment, radical surgery is preferable due to lower morbidity, mortality, and reoccurrence rates [19].
Laparoscopic management of hydatid cysts with abdominal (hepatic or extra-hepatic sites) has its place among management approaches. It is a mini invasive surgery that can be safely achieved in particular cases after patients’ selection.
Laparoscopy has several advantages including: better visualization of the peritoneal cavity and internal organs, prompt postoperative discharge, limited postoperative morbidity, and good esthetic outcomes [18].
There is lower frequency of hydatid disease in extra-hepatic sites. The management and the proper therapeutic approach depend essentially on cystic site and the organ involved. Generally, when the removal of the cysts is complete, the prognosis is good with low rate of recurrence [20].
A long-term follow-up for patients managed for hydatid disease should be planned because recurrences may occur in some cases. The patient monitoring is mainly based on imaging techniques (US, CT, and MRI) at short intervals. Serological tools and specific serum antibodies dosage support imaging techniques and can reflect metastode viability. Moreover, the monitoring of parasitostatic plasma level is necessary to adjust the therapeutic range and to prevent long-term treatment side effects [20].
Currently, planning for the echinococcosis control relies on the interruption of parasitic life cycle. The disease can be prevented by hygiene improvement in the slaughtering of livestock, public education campaigns, periodic deworming of dogs, and adequate destruction of infected offal. Vaccination of dogs with recombinant proteins provides encouraging prospects for prevention and control [21].
This chapter evaluates the means tests that apply in Australia against alternative principles that can be applied to evaluate the integration between the first and second pillars of a retirement income system. Central to the analysis are the Effective Marginal Tax Rates (EMTRs) that apply to the first pillar when subject to the means tests.
The Australian retirement income system consists of two main pillars: the means tested Age Pension (AP) and Superannuation [1]. The first pillar is a welfare benefit that is means tested and funded from general government revenue. The superannuation system consists mainly of privately administered funds in which members have investment accounts into which mandated contributions are paid. Members are able to take tax free lump sums from the age of 60, but many choose to withdraw “account-based pensions”, which allow members to vary the amount drawn—subject to a regulated minimum proportion of their accounts. A third pillar consists of voluntary savings including the home.
There are currently two separate components of the means tests, the income test and the assets test, and homeowners are treated differently from non-homeowners. The means test rules are Byzantine in their complexity and change frequently—sometimes with considerable effects on some groups of pensioners. The following description omits many details on the grounds of immateriality.
The AP dates back to the formation of Australia with Federation in 1909, the amounts being shown in Figure 1. It has increased roughly in line with average wages, with a particular boost under the Whitlam government of the early seventies. Relative to minimum wages, it has approximately doubled over the past century, which means that pensioners are better off relative to workers on lower incomes. This shift has partly been a response to old age poverty, but may also reflect the relative political influence of these two groups.
History of AP and means tests—couples.
Figure 1 also traces the development of the income and asset test free limits over the century. The two tests were merged between 1961 and 1985. Before 1969, pensions were not payable to those over the means test free limits, although between 1953 and 1971 assets were converted into income at a rate of 10%. From 1969, taper rates (the rate at which the AP is reduced as a proportion of the relevant means) of 50% have applied on income except for a period from 2000 to 2009 when they were reduced to 40%. The taper rate on the asset test seems to have been set at 7.8% except from 2007 to 2016 where it was only 3.9%.
The current AP for a married couple owning their own home is slightly in excess of $36,000 per annum, reduced by the greater of 50% of income over $7800 p.a. or by 7.8% of assets over a threshold of $394,500. Single pensions are a relatively generous 66% of those paid to a couple.
Those who are renting qualify for rental assistance of $3588 for singles but—strangely—only $3380 if a couple. The asset test limits for non-homeowners are also some $200,000 higher than for homeowners.
The Australian means tests appear to be particularly complex and Australian pensioners on a wider range of incomes and with a wider range of assets are affected by the taper rates under the means tests than pensioner residents of other countries [2].
The Department of Social Services (DSS) explains and justifies the means tests thus: “The means test functions to assess a person’s overall capacity for self-support and target social security expenditure according to need. … Means testing also provides incentives for self-provision in the form of participation and saving. The means test balances these objectives by the use of income and assets free areas and the tapered withdrawal of payment as a person’s assessable income and assets increase” [3].
The DSS discussion paper [3] also lists the criteria against which the current means testing system should be judged. Those principles need to encompass the treatment of a variety of types of asset (especially annuity and deferred annuity products) as well as financial and other investments and physical assets.
“Neutrality—the means test assessment of investments should not advantage a particular type of product or provide an incentive for people to invest in a particular asset …
Equity—the rules should treat people with similar means in a consistent way (horizontal equity) and those who have a greater capacity to self-provide for their retirement should receive lower income support (vertical equity).
Resilience—the rules should be able to apply to a range of products, including new products, without diminishing neutrality and equity …
Integrity—the rules should ensure the social security system remains targeted to assisting those people who need support and that people cannot maximise their Age Pension by engaging in strategies that minimise the extent to which their own income or assets are counted in means test assessments.
Fiscal sustainability—the means test treatment of new retirement income stream products should have regard to the cost of the social security system.
Simplicity—the rules should be easy to understand for income support recipients, financial advisors and income stream providers. Complicated rules can result in people making poor financial decisions. Simple rules support people to make good decisions.”
We have no argument with these principles. This chapter, however, argues that the asset test is especially inequitable to the cautious who retain assets for precautionary purposes; makes planning extremely complex; and significantly distorts the investment and drawdown behaviour of many retirees. It therefore fails all the policy principles except possibly that of fiscal sustainability. There are alternative approaches that could better meet these principles including fiscal sustainability.
While not the main point of this chapter, the difference in treatment between home-owners and renters is egregiously inequitable, and needs to be discussed first as it would not be complex to address, and the adjustment could be performed in a manner which would be revenue-neutral.
The pressing issue is the dire position of those who neither own their own home nor have access to social housing. Given that only 10% (or about 200,000) of such properties had rents of less than $10,000 annually in 2011 [4], rent assistance of $3588 p.a. places considerable financial stress on those non-homeowners with limited other resources, many of whom are reduced to poverty or homelessness. Unpublished data from the Australian Department of Social Services shows 32,000 homes, where people are aged 65 and above and receiving rent assistance, are paying unaffordable rents in NSW [5]. It is a 50% rise in the past five years and includes 9000 people, 65 and over, who are paying more than half their income on rent.
Given that there are some 1.2 million people over 65 in NSW, this implies that about 2.5% of the aged population face the problem—90,000 country-wide. We make no detailed calculations as to precisely what would be fair, but suggest that the amount should be more or less doubled. While $6000 p.a. is not enough to fully cover rent, homeowners do face significant costs that would have to be considered in detailed modelling. Doubling rent assistance to pensioners not in social housing would cost less than $200 m, which is close to 0.25% of the cost of support to the aged.
At the other end of the financial spectrum, the exemption of the home from the asset tests means that there may well be as many pensioners receiving the AP while living in multi-million dollar houses. Particularly given that dwellings and land represent over 50% of the household balance sheet, an exemption seems myopic and distorts financial planning, spending, investment and the price of housing [6, 7]. The DSS discussion paper justifies it so:
While these assertions are clearly true, the rational conclusion would be to include homes in the assets test rather than exclude them precisely for these reasons. Home ownership does provide financial security so those who rent need to be given more, while those who obviously have secure lodgings need less social support. The “importance placed on the family home” emphasises this. For many, however, the “family home” has three empty bedrooms and is crumbling around the surviving parent, who is increasingly unable to manage the activities of daily living, let alone maintain the house. But the homeowner is not willing to downsize to a less expensive and more manageable property, sometimes for psychological reasons but often also because of the negative impact on their main source of income, the AP.
Each of the criteria mentioned in Section 2.4, except perhaps simplicity, demand the inclusion of the principal residence. The arguments against ignore the disadvantages faced by renters. Homes provide an imputable rent and the AP should be adjusted if pensioners decide to spend more on it.
The need to include the value of the house in the asset test has been recommended by almost all who have considered the question. There have been eight different recommendations in as many years: the Harmer Pension Review, the Henry Review, a Grattan Report, three Productivity Commission reports, Rice-Warner and the National Commission of Audit [8]. It seems overwhelmingly clear that affordability issues should be addressed by including the value of the home.
There are two reasons to distinguish one source of wealth from another. The first is the basic human right of housing security; the second is fungibility. These two can explain much of the visceral response of some people when suggestions are made to include the home in the means tests. The right to housing has a simple logic: if people do not have their own place, they must occupy someone else’s. This right must include some security of tenure to be meaningful, and without some security and protections for both renters and owners the incentive to care for and improve the place is absent. Addressing the lack of security enjoyed by renters is the subject of another debate. Those interested in some of the theoretical and political controversies might like to refer to Hayward [9].
The problem of fungibility is that the home cannot easily be turned into income. Conventional reverse mortgages are relatively expensive and, given the normal operation of compound interest, may lead to significant reductions in the net residual value of the home which might constrain future choices if the borrower wishes to move into other accommodation. There is also a government scheme (the “Pension Loans Scheme”) that lends the AP shortfall to part pensioners. The interest rates charged are a little lower than commercial reverse mortgages but more restrictions apply to eligibility and the manner of drawdown of funds.
If the value of the home is to be included in the means tests, then the lack of fungibility means that some pensioners at least will be worse off. Johnson and colleagues [8] refer to a growing consensus for effective instruments to address the issue of fungibility, and refers to some commercial schemes including those that share capital appreciation.
Careful consideration would need to be devoted to transitional arrangements so that inclusion of the home (or the excess of the value of the home above some threshold value) does not bear unreasonably harshly on those pensioners who have already retired, in the expectation that the current means testing rules will continue to apply (perhaps with slight adjustment to parameters) throughout their retirements.
The key issue addressed by this chapter is the way by which the AP is reduced by financial assets—including those in superannuation funds. As will become clear in this section, the issue is not simply the “taper rate” (the rate at which the AP is reduced in relation to assets held above the assets test threshold), because the long-term effects are very different for different approaches to the drawdown of the superannuation balance.
We take it as given that the objective of the superannuation system is to provide for consumption in retirement, and that the AP supplements this for those who do not have the means to support themselves. One important consequence of this is that superannuation benefits are to be seen as a mechanism for supporting the lifestyle of retired Australians, not as a mechanism by which the real capital value of a pensioner’s estate is maintained or grown, to be passed to non-dependents. The current dominance of account-based pensions does not achieve this result, and we could argue that the pooling of longevity risk should be encouraged by the means tests. This is however not the main thrust of this chapter, which is the unfairness and distortions created by the asset test.
In each case, we consider the marginal losses to AP entitlements that arise from having assets over the thresholds. We refer to these as EMTRs. Legally, the tapers in the AP are not “taxes”, but given that money is fungible, the loss of social security entitlements caused by having additional assets is effectively the same as a tax.
Figure 2 illustrates EMTRs for those who retain their assets and spend their income. It applies at any one time, and would apply over a lifetime to a single person and show the results of earning a real rate of interest of 3% and another earning 5%. The assets test creates a trough in income between about $300,000 and $700,000 in assessable assets. Within the assets testing range where the assets test produces a lower AP entitlement than the income test, annual income declines with increasing assets because the income from the marginal assets (whether returning 3% p.a. or 5% p.a.) is less than the AP foregone, which is 7.8% p.a. The calculations do not consider any investment volatility.
The asset trough for those who retain assets.
A more complete picture may be obtained by considering the impact of holding additional assets over the course of a retiree’s lifetime. We do this for a variety of asset levels and drawdown strategies. We also vary the following:
Assumed future real rates of investment return on assets
Drawdown strategy adopted
Demographic status (single male/single female/couple)
Initial level of assets held
For purpose of our calculations it may be helpful to define “lifetime EMTR” as follows:
where $X is the base level of assets held when the pensioner first becomes eligible for AP; $δ is an incremental amount of assets in addition to $X hypothetically held when the pensioner first becomes eligible for AP; DS refers to a specified Drawdown Strategy; PV (AP; $X; DS) is the present value of AP received over the lifetime of the single of couple pensioner assuming initial assets of $X and that the pensioner follows drawdown strategy DS.
In other words, the lifetime EMTR is the present value of the future loss of AP due to holding additional assets $δ at age pension eligibility age, as a percentage of those additional assets. A lifetime EMTR of zero means that the pensioner has incurred no loss of AP as a result of holding an additional $δ of assets, while a lifetime EMTR of 100% would mean that the pensioner has effectively received no net value from the additional $δ of assets.
For some of the results in this chapter (especially in Section 5.1 below) we have taken $X to be the lower assets testing threshold and $δ to be the width of the asset testing range (i.e. from the threshold to the level of assets where the AP is zero). The EMTR is therefore the impact of holding additional assets equal to the width of the asset testing range, relative to holding assets of an amount equal to the lower assets test threshold. We have also performed a set of calculations for smaller tranches of incremental assets, for drawdown strategies in the following specific forms:
Asset drawdown each year is the regulated minimum required as a proportion of the beginning of year assets. We have also calculated EMTRs for annual consumption expenditure from 1% to 5% higher than the minimum—in 1% increments.
Asset drawdown each year is a fixed percentage of the beginning of year assets. The fixed percentages for which we evaluated EMTRs were varied from 5% to 15% in multiples of 2.5%.
The asset testing range for a single pensioner is approximately $300,000 in total width (from $253,750 to approximately $552,000). We have taken $δ for single pensioner calculations to be $100,000, and have therefore calculated three separate EMTRs for the asset testing range. Similarly, the asset testing range for pensioner couples is very nearly $450,000 in total width and we have taken $δ for calculations involving couples to be $150,000.
In total we have done six computations of EMTRs for each drawdown strategy, demographic status and rate of real investment return considered, reflecting marginal lifetime losses of AP from holding an additional $100,000 of assets (for singles, and $150,000 for couples) at the date of becoming eligible for the AP. Three of the calculated EMTRs apply within the asset testing range and three to assets in excess of the asset testing range but where the additional assets held will result in the loss of AP not immediately, but after a period of time when the assets are depleted to an amount within the asset testing range.
Table 1 shows the parameters for each of the six sets of calculations.
Asset ranges.
The results of these detailed EMTR evaluations are reported in Section 5.2 below.
Table 2 summarises the assumed AP parameters that we have used for the purposes of the detailed calculations in this chapter. (The parameters in Table 2 were those that applied between September 2017 and March 2018; however we note that most of the parameters below change only gradually over time, due to indexation).
AP projection assumptions.
Also implicitly we have assumed, by using a real rate of investment return (where by “real” we mean relative to average weekly ordinary time earnings—AWE) that future rates of AP payment will be indexed to AWE and also that future lower and upper thresholds for the assets test and income test will also be indexed to AWE. Current practice is for AP payment amounts to be indexed normally to AWE but threshold amounts are indexed to CPI; nevertheless for simplicity of calculation, both payment amounts and thresholds have been assumed to be indexed to AWE. If we had used CPI, the EMTRs reported would still apply, but at slightly different levels of assets.
The results below show first the extent to which alternative strategies can contribute to significantly higher AP benefits over a lifetime. Then, in Section 5.2, we show the EMTRs that apply to retirees subject to different circumstances when they use the alternative strategies.
Figure 3 shows the lifetime effects (until age 109) of the various strategies for a single pensioner. We have assumed assets exactly equal to the top of the asset test level, which produces the largest impact—for illustration purposes.
Alternative retirement consumption patterns.
The first strategy is for the pensioner to draw down the minimum permitted by superannuation regulations. Her spending is shown as the unbroken Minimum drawdown line in Figure 3. This is the strategy we understand is adopted by approximately half of pensioners, more than any other strategy [10]. Its presence in regulations as a minimum gives it an implicit authority and we have taken it as an effective benchmark. Her spending pattern is however totally inappropriate—starting at $28,000 p.a. at 67 and rising to $48,000 at 85 before declining again. We have also calculated the actuarial present value of the benefits to the member, her dependents and as a reduction in AP. The value of her assets at the beginning of retirement is shared into roughly equal thirds: one to herself, one to her heirs, and one in fiscal savings. That means tests are structured to permit the heirs to inherit a third of the superannuation benefit represents a lack of targeting of superannuation and the means tests.
A second strategy is to give away enough of her assets to escape the asset test altogether, which the regulations require her to do before 62—five years before becoming entitled to the pension. She then draws down at the minimum rate. This dashed line shows somewhat bizarrely that, at 67, her income is $6000 p.a. (20%) higher than if she had not given the money away. This amount falls slightly after her mid-eighties, but it is reasonable level and appropriate. Her share of the benefits drops only slightly to 29%, because the savings to the fiscus is minimal, with its proportion dropping to 2% (via deemed income caught by the income test). The heirs’ share more than doubles to 69%—$260,000 of which they receive before the pensioner reaches the age of 62. This is by far the most fiscally efficient for the pensioner and family. Rather than be given away, the money could be invested in her residence or spent before the pension age. The alternatives, singly or in combination, would allow the pensioner to directly enjoy 98% of her savings.
A third alternative is for the pensioner to spend the money after retirement in order to maintain the “comfortable lifestyle” determined by the Association of Superannuation Funds of Australia (ASFA) [11] until she falls below the asset test threshold, after which she reverts to the minimum. The income is shown in the Comfortable line in Figure 3. She enjoys a 50% higher standard of living than the benchmark, and remains above it until her early eighties. Her share of her savings rises to a little over 50%, with her heirs and fiscal savings sharing the balance.
A final alternative therefore is a level lifetime annuity. The total income and the amount provided by the annuity plus Age Pension are shown by the dotted and dashed lines. The present value is shared 70% to the pensioner and the balance to the fiscus.
In addition to the broad calculations of EMTRs referred to in Section 5.1 above, we have computed EMTRs for smaller values of δ ($100,000 for singles and $150,000 for couples). The objective of these calculations was to gain additional insight into the extent to which asset-testing rules impacted EMTRs as a function of base asset levels, investment returns and drawdown strategy combinations.
For these more granular calculations a slightly different approach was taken to mortality assumptions than in the calculations underlying Appendix 1 and Section 5.1. In particular it was assumed that a single female would receive AP for 25 years and a single male would receive AP for 22 years. These durations are slightly higher than the life expectancies for a 65-year-old according to Australian Life Tables (ALT) 2010–2012, which are 22.05 and 19.22 years for females and males respectively. Ongoing improvement to mortality means that current age-specific mortality in Australia is lower than mortality rates that applied during the 2010–2012 triennium and is likely to continue to decline in future.
For couples, it was assumed that the couple rate of pension would be payable for 22 years and the single rate for a further 5 years. This is because the expected age at death of the last to die from a couple is greater than the expected age at death of either considered separately.
The drawdown strategies allowed for are those detailed in Section 4.3 above.
Figure 4 shows EMTRs for a single pensioner using the minimum drawdown strategy we use as a benchmark.
EMTRs based on drawing down the regulated minimum—single pensioners.
The curves show the EMTR of a marginal additional of $100,000 of assets at the eligibility age for the AP, valued over the lifetime of the pensioner. We note from Figure 4 that female EMTRs are slightly higher than the corresponding male EMTRs, due to the longer life expectancy of females. This means that they have more time to lose AP to the means tests.
The effect of different investment earnings is significantly greater than those for the two genders. For example, the 5% real interest curves fall away more steeply for base asset level of $553,000 or more (that is, at or above the upper assets test threshold). This occurs because the 5% real interest rate will tend to mean that, if assets are at or above the upper asset test threshold when the pensioner attains eligibility age, then the value of assets will remain above the upper threshold over the entire lifetime, and no further AP is foregone. However if assets are within the asset testing range at AP eligibility age, they will remain between the thresholds for longer so increasing the loss of AP. At lower rates of real interest, the asset values are depleted more quickly over time with the result that less AP is lost at lower starting balances. Assets over the upper threshold depreciate faster, so more is lost from an incremental $100,000.
Finally, the most significant observation is just how high the EMTRs are, throughout the asset testing range (especially in the middle and upper thirds of the asset testing range). Top marginal income tax rates in Australia are currently only 47%, so any EMTR in excess of this appears unfair and provides an incentive to adopt means test avoidance strategies. EMTRs in the range of 80%, 90%, 100%, or even higher represent a very powerful incentive to:
Give money away 5 years prior to attaining eligibility age;
Spend down rapidly in the first few years on pension;
Spend money on house renovations, or even purchase a more expensive property; or finally,
Not save in the first place. This can involve higher borrowing at younger ages to be repaid by superannuation lump sums, or retire early and draw them down before qualifying for the AP.
All of these are obviously distortions to the economic decisions that the pre-retiree would otherwise have made. Those who adopt such strategies will also be an increased burden on the public purse.
While the results will vary significantly depending on the underlying assumptions, one can draw three conclusions from these calculations:
Pensioners are penalised, and greater fiscal savings accrue, the longer pensioners retain their asset-testable assets.
The penalties can be reduced by giving money directly to heirs, by spending the money faster, and especially by investing in the family home. These actions are therefore incentivised.
There are very significant gains that can be made by adopting different drawdown strategies. Determining an optimal strategy is however complex for pensioners, made more difficult by ongoing changes in the means test rules. Forecasting is also difficult for government as pensioners change their strategies in response to the incentives.
We now consider whether the system meets the criteria set by the DSS.
The current structure of the asset test is not neutral when the rules are applied over a lifetime. Annuities do enjoy relatively favourable treatment relative to applying the minimum drawdown to an account-based pension, but the latter allows for flexibility that can be used to manipulate the rules to the point of avoiding the asset test entirely.
The current system creates significant inequities.
Horizontal inequity arises for people with the same level of wealth (which is at one level fungible). Non-homeowners with $1 million in assets will get no AP, while homeowners with a house of that value will draw the whole AP.
Vertical inequity arises when the differences in treatment applied to people are not proportional to the differences in their characteristics. The dramatically higher taper applied by the asset test does not seem proportionate, neither does the failure to differentiate between those with valuable houses and those with small apartments.
The asset test fails to provide vertical equity for those with different life expectancies. Most important is that they penalise younger retirees at the expense of older ones. A couple of 67 with $1 million in assets, which could generate investment income of about $50,000 p.a., cannot afford the ASFA comfortable retirement standard. A couple of 90 in the same position could afford to spend $100,000 p.a., well above the comfortable level.
Women also need more than men to maintain the same spending given their greater expected longevity. Arguably the assets tests are discriminatory as they advantage men (who require less) than women.
Regional differences in rent and the cost of living also create vertical inequities, although in this case people do have the ability to move to less expensive areas.
Those who can obtain appropriate advice and are able to act on the advice can avoid the worst consequences of the tests. Their complexity however makes it very difficult to make the right decisions. This means that the costs are borne by the less well informed, the cautious, and possibly by those who regard it as anti-social or degrading to be supported by welfare.
The current system completely fails the integrity test as defined by the DSS, quoted in Section 2.4 above. There is a clear failure to adequately address some of the most indigent whose rental costs leave little else to live on. It also fails to limit access to the AP by pensioners with significant housing assets.
It is also far too easy for retirees to adopt a range of strategies that mean that they will obtain a much greater share of the AP than those who are not so well advised or who do not wish to pursue the strategies we identified.
The desired level of fiscal expenditures could be maintained by incorporating the principal residence into the assets test and adapting the quantum of the AP and the parameters governing the means tests. In times of fiscal constraints, all Australians should expect to bear some of the burden and pensioners as much as anyone should expect smallish reductions in their standard of living at times. Transitional arrangements should apply for some limited period to mitigate the impact of the changes on those most adversely affected by the changes.
Benefits cannot be targeted precisely at those that need them. Needs are complex and fluctuating; evaluation methods inevitably somewhat simplistic, limited to a particular time and prone to error. Bradshaw and Finch [12] looked at three different approaches to measuring poverty; “lacking socially perceived necessities; being subjectively poor and having a relatively low income… we have found that there is little overlap in the group of people defined as poor by these dimensions.”
The different levels of AP and associated supplements, and permutations of the means tests create an entirely spurious impression of targeting needs. The trivial nature of some of the supplements and concessions, such as the lower deeming rate for the income test, are not only wasteful of energy but bring the whole system into disrepute. This is particularly true when material differences such as housing are not taken into account.
Maeda [13] suggests that the three laws of simplification are reduce, organise and save time. Reduction and saving time are obvious. Organisation may not be. For instance, Schedule 7 of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations), which has 7 categories for minimum drawdown amounts for different age bands, can be seen as more complex than Schedule 1A, which has 80 categories for each age from 20 to 100. This is because one cannot remember all 7 categories so that they both have to be looked up, but changing the factor each year is more intuitive and so easier to understand, to administer and creates a smoother cash flow.
The suggestions made below in Section 7, would not only be simpler, but more clearly meet the criteria that have been mentioned: neutrality, equity, integrity and resilience.
Failure to meet these principles creates perverse outcomes. We have shown that there is a strong incentive to draw down quickly or move assets into the family home. It appears retirees do both. While only 19% of couple pensioners are subject to the asset test, rough calculations suggest that over a third of those over 65 should be in this category. An analysis of Centrelink data suggested that those pensioners subject to the asset test draw down their assets up to 10% faster [14].
We suggest the following remedies for the problems identified.
One policy option would be to revert to the former 3.9% asset test taper rate that applied between 2007 and 2016. Such a solution would mitigate the extremely high EMTRs that currently apply especially in the upper parts of the asset testing range and therefore reduce the attractiveness of strategies designed to increase age pension entitlements.
If the taper rate were reverted to 3.9%, there would need to be changes in the upper and/or lower assets test thresholds. For example the thresholds could revert to something like the pre-2016 asset testing thresholds (but with indexation adjustments). However if the opportunity were taken to include the principal residence in the means tests, then the lower threshold should be increased markedly, by something like the value of a basic home.
A simpler solution is to abolish the asset test, which so contorts the retirement system and the lives of most Australian pensioners. Assets should be converted into a lifetime income (for the couple and other dependents if relevant). This can be done by dividing annually the value of assets by the Pension Valuation Factors (PVFs) in Column 4 of Schedule 1A of the SIS Regulations for singles, and using higher PVFs for couples.
This would lead to higher AP costs in the short run, but there would be no increase in AP payments as people age and the thresholds could be calibrated for the change to be fiscally neutral.
The additional fiscal costs in the short term can also be covered by including the value of the principal residence at an imputed rent. Rent assistance would be payable to everyone, further simplifying the system. The net impact would be felt most by people with low financial assets and expensive houses. Assuming an annuity rate of 7.5% at age 65, a deeming rate of 4% and a doubling of rental assistance, Table 3 shows the annual gains and losses.
Potential gains and losses due to proposed changes.
Single renters of moderate means would be the main winners. There are however very few of them currently, but removing the incentive to hold onto a home might well increase numbers.
The main losers would be homeowners with minimal financial assets. Their loss of spending power could be addressed by an expanded Pension Loans Scheme. Under the existing scheme, part pensioners can be lent the difference between 150% of the full AP and the part AP for which they qualify. Centrelink would take ownership of a proportion of the value of the home that this represents. As the loss of pension is only 2% of the value of the house (under the second proposed scenario), they could borrow for many years before exhausting the value of the house. A “no negative equity” guarantee would have a trivial cost.
The problems with the existing system are clear. It cannot be justified, but the dire state of much current political debate means that the problems remain running sores. There is a clear need for bi-partisan agreement not to resort to irrational sound bites. Such an agreement needs to include the major industry players and media commentators. Those who exploit the uncertainty that will naturally be felt by many pensioners need to be openly and quickly rebuked. The current awareness of the damage caused by manipulated outrage may offer an opportunity for sensible discussion.
At the very least, if change is to be made, politicians and commentators will need to be courageous and to make a stand for what it right rather than attempt to score points.
The means tests in their current format make it exceptionally difficult to plan for any pattern of spending in retirement—as the Age Pension increases with reductions in assets and income in a way that is difficult to understand and model over a retired lifetime. They also provide very strong incentives for pre-retirees to engage in a range of strategies to maximise their age pension. Apart from the unnecessary fiscal burden that such strategies impose on taxpayers, they also distort savings and consumption decisions and asset prices (especially of the principal residence) and cry out for change.
This chapter is an extension of [15], a public submission in response to the Department of Social Services discussion paper [3]. Quotations from the earlier paper are therefore not marked.
The authors declare no conflict of interest.
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Polyhalogenated hydrocarbons, coal tar and products, petrol, and other physical, chemical, and environmental agents are suggested to play a role in the etiology of occupational acne. The people working in the field of machine, chemistry, and electrical industry are at high risk. The various occupational acne includes chloracne, coal tar, and oil acne. The most common type in clinic is the comedones, and it is also seen as papule, pustule, and cystic lesions. Histopathological examination shows epidermal hyperplasia, while follicular and sebaceous glands are replaced by keratinized epidermal cells. Topical or oral retinoic acids and oral antibiotics could be used in treatment. The improvement in working conditions, taking preventive measures, and education of the workers could eliminate occupational acne as a problem.",book:{id:"5433",slug:"acne-and-acneiform-eruptions",title:"Acne and Acneiform Eruptions",fullTitle:"Acne and Acneiform Eruptions"},signatures:"Betul Demir and Demet Cicek",authors:[{id:"188909",title:"Dr.",name:"Betul",middleName:null,surname:"Demir",slug:"betul-demir",fullName:"Betul Demir"},{id:"194149",title:"Prof.",name:"Demet",middleName:null,surname:"Cicek",slug:"demet-cicek",fullName:"Demet Cicek"}]},{id:"53525",title:"Trichoscopy and Trichogram",slug:"trichoscopy-and-trichogram",totalDownloads:2609,totalCrossrefCites:0,totalDimensionsCites:0,abstract:"Hair and scalp examination techniques can be classified into three categories: noninvasive methods (clinical history, general examination, photography, hair count, weighing shed hair, pull test, global hair counts, dermoscopy, electron microscopy, laser scanning microscopy, etc.); semi‐invasive methods (the trichogram, unit areatrichogram); and invasive methods (biopsies in cicatritial alopecia). Scalp dermoscopy or trichoscopy is one of thenoninvasive techniques for the evaluation of patients with hair loss that allows for magnified visualization of the hair and scalp skin. It may be performed with a manual dermoscope (10× magnification) or a videodermoscope (up to 1000× magnification). This method is simple, quick, and easy to perform, is well‐accepted by patients, and is useful for monitoring treatment, determining severity of the disease and follow‐up. It is a simple, minimally invasive and rapid technique for measuring hair follicle activity. Trichogram represents a semi‐invasive technique for the evaluation of patients with hair loss that allows the microscopic examination of hairs plucked from the scalp and provides information about the state of the proximal end of the hair shaft and the distal end. 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Dr. Gaiceanu is a member of the National Council for Attesting Titles, Diplomas and Certificates, an expert of the Executive Agency for Higher Education, Research Funding, and a member of the Senate of the Dunarea de Jos University of Galati. He has been the head of the Integrated Energy Conversion Systems and Advanced Control of Complex Processes Research Center, Romania, since 2016. He has conducted several projects in power converter systems for electrical drives, power quality, PEM and SOFC fuel cell power converters for utilities, electric vehicles, and marine applications with the Department of Regulation and Control, SIEI S.pA. (2002–2004) and the Polytechnic University of Turin, Italy (2002–2004, 2006–2007). He is a member of the Institute of Electrical and Electronics Engineers (IEEE) and cofounder-member of the IEEE Power Electronics Romanian Chapter. He is a guest editor at Energies and an academic book editor for IntechOpen. He is also a member of the editorial boards of the Journal of Electrical Engineering, Electronics, Control and Computer Science and Sustainability. Dr. Gaiceanu has been General Chairman of the IEEE International Symposium on Electrical and Electronics Engineering in the last six editions.",institutionString:'"Dunarea de Jos" University of Galati',institution:{name:'"Dunarea de Jos" University of Galati',country:{name:"Romania"}}},{id:"4519",title:"Prof.",name:"Jaydip",middleName:null,surname:"Sen",slug:"jaydip-sen",fullName:"Jaydip Sen",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/4519/images/system/4519.jpeg",biography:"Jaydip Sen is associated with Praxis Business School, Kolkata, India, as a professor in the Department of Data Science. His research areas include security and privacy issues in computing and communication, intrusion detection systems, machine learning, deep learning, and artificial intelligence in the financial domain. He has more than 200 publications in reputed international journals, refereed conference proceedings, and 20 book chapters in books published by internationally renowned publishing houses, such as Springer, CRC press, IGI Global, etc. Currently, he is serving on the editorial board of the prestigious journal Frontiers in Communications and Networks and in the technical program committees of a number of high-ranked international conferences organized by the IEEE, USA, and the ACM, USA. He has been listed among the top 2% of scientists in the world for the last three consecutive years, 2019 to 2021 as per studies conducted by the Stanford University, USA.",institutionString:"Praxis Business School",institution:null},{id:"320071",title:"Dr.",name:"Sidra",middleName:null,surname:"Mehtab",slug:"sidra-mehtab",fullName:"Sidra Mehtab",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00002v6KHoQAM/Profile_Picture_1584512086360",biography:"Sidra Mehtab has completed her BS with honors in Physics from Calcutta University, India in 2018. She has done MS in Data Science and Analytics from Maulana Abul Kalam Azad University of Technology (MAKAUT), Kolkata, India in 2020. Her research areas include Econometrics, Time Series Analysis, Machine Learning, Deep Learning, Artificial Intelligence, and Computer and Network Security with a particular focus on Cyber Security Analytics. Ms. Mehtab has published seven papers in international conferences and one of her papers has been accepted for publication in a reputable international journal. She has won the best paper awards in two prestigious international conferences – BAICONF 2019, and ICADCML 2021, organized in the Indian Institute of Management, Bangalore, India in December 2019, and SOA University, Bhubaneswar, India in January 2021. Besides, Ms. Mehtab has also published two book chapters in two books. Seven of her book chapters will be published in a volume shortly in 2021 by Cambridge Scholars’ Press, UK. Currently, she is working as the joint editor of two edited volumes on Time Series Analysis and Forecasting to be published in the first half of 2021 by an international house. Currently, she is working as a Data Scientist with an MNC in Delhi, India.",institutionString:"NSHM College of Management and Technology",institution:null},{id:"226240",title:"Dr.",name:"Andri Irfan",middleName:null,surname:"Rifai",slug:"andri-irfan-rifai",fullName:"Andri Irfan Rifai",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/226240/images/7412_n.jpg",biography:"Andri IRFAN is a Senior Lecturer of Civil Engineering and Planning. He completed the PhD at the Universitas Indonesia & Universidade do Minho with Sandwich Program Scholarship from the Directorate General of Higher Education and LPDP scholarship. He has been teaching for more than 19 years and much active to applied his knowledge in the project construction in Indonesia. His research interest ranges from pavement management system to advanced data mining techniques for transportation engineering. He has published more than 50 papers in journals and 2 books.",institutionString:null,institution:{name:"Universitas Internasional Batam",country:{name:"Indonesia"}}},{id:"314576",title:"Dr.",name:"Ibai",middleName:null,surname:"Laña",slug:"ibai-lana",fullName:"Ibai Laña",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/314576/images/system/314576.jpg",biography:"Dr. Ibai Laña works at TECNALIA as a data analyst. He received his Ph.D. in Artificial Intelligence from the University of the Basque Country (UPV/EHU), Spain, in 2018. He is currently a senior researcher at TECNALIA. His research interests fall within the intersection of intelligent transportation systems, machine learning, traffic data analysis, and data science. He has dealt with urban traffic forecasting problems, applying machine learning models and evolutionary algorithms. He has experience in origin-destination matrix estimation or point of interest and trajectory detection. Working with large volumes of data has given him a good command of big data processing tools and NoSQL databases. He has also been a visiting scholar at the Knowledge Engineering and Discovery Research Institute, Auckland University of Technology.",institutionString:"TECNALIA Research & Innovation",institution:{name:"Tecnalia",country:{name:"Spain"}}},{id:"314575",title:"Dr.",name:"Jesus",middleName:null,surname:"L. Lobo",slug:"jesus-l.-lobo",fullName:"Jesus L. Lobo",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/314575/images/system/314575.png",biography:"Dr. Jesús López is currently based in Bilbao (Spain) working at TECNALIA as Artificial Intelligence Research Scientist. In most cases, a project idea or a new research line needs to be investigated to see if it is good enough to take into production or to focus on it. That is exactly what he does, diving into Machine Learning algorithms and technologies to help TECNALIA to decide whether something is great in theory or will actually impact on the product or processes of its projects. So, he is expert at framing experiments, developing hypotheses, and proving whether they’re true or not, in order to investigate fundamental problems with a longer time horizon. He is also able to design and develop PoCs and system prototypes in simulation. He has participated in several national and internacional R&D projects.\n\nAs another relevant part of his everyday research work, he usually publishes his findings in reputed scientific refereed journals and international conferences, occasionally acting as reviewer and Programme Commitee member. Concretely, since 2018 he has published 9 JCR (8 Q1) journal papers, 9 conference papers (e.g. ECML PKDD 2021), and he has co-edited a book. He is also active in popular science writing data science stories for reputed blogs (KDNuggets, TowardsDataScience, Naukas). Besides, he has recently embarked on mentoring programmes as mentor, and has also worked as data science trainer.",institutionString:"TECNALIA Research & Innovation",institution:{name:"Tecnalia",country:{name:"Spain"}}},{id:"103779",title:"Prof.",name:"Yalcin",middleName:null,surname:"Isler",slug:"yalcin-isler",fullName:"Yalcin Isler",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRyQ8QAK/Profile_Picture_1628834958734",biography:"Yalcin Isler (1971 - Burdur / Turkey) received the B.Sc. degree in the Department of Electrical and Electronics Engineering from Anadolu University, Eskisehir, Turkey, in 1993, the M.Sc. degree from the Department of Electronics and Communication Engineering, Suleyman Demirel University, Isparta, Turkey, in 1996, the Ph.D. degree from the Department of Electrical and Electronics Engineering, Dokuz Eylul University, Izmir, Turkey, in 2009, and the Competence of Associate Professorship from the Turkish Interuniversity Council in 2019.\n\nHe was Lecturer at Burdur Vocational School in Suleyman Demirel University (1993-2000, Burdur / Turkey), Software Engineer (2000-2002, Izmir / Turkey), Research Assistant in Bulent Ecevit University (2002-2003, Zonguldak / Turkey), Research Assistant in Dokuz Eylul University (2003-2010, Izmir / Turkey), Assistant Professor at the Department of Electrical and Electronics Engineering in Bulent Ecevit University (2010-2012, Zonguldak / Turkey), Assistant Professor at the Department of Biomedical Engineering in Izmir Katip Celebi University (2012-2019, Izmir / Turkey). He is an Associate Professor at the Department of Biomedical Engineering at Izmir Katip Celebi University, Izmir / Turkey, since 2019. In addition to academics, he has also founded Islerya Medical and Information Technologies Company, Izmir / Turkey, since 2017.\n\nHis main research interests cover biomedical signal processing, pattern recognition, medical device design, programming, and embedded systems. He has many scientific papers and participated in several projects in these study fields. He was an IEEE Student Member (2009-2011) and IEEE Member (2011-2014) and has been IEEE Senior Member since 2014.",institutionString:null,institution:{name:"Izmir Kâtip Çelebi University",country:{name:"Turkey"}}},{id:"339677",title:"Dr.",name:"Mrinmoy",middleName:null,surname:"Roy",slug:"mrinmoy-roy",fullName:"Mrinmoy Roy",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/339677/images/16768_n.jpg",biography:"An accomplished Sales & Marketing professional with 12 years of cross-functional experience in well-known organisations such as CIPLA, LUPIN, GLENMARK, ASTRAZENECA across different segment of Sales & Marketing, International Business, Institutional Business, Product Management, Strategic Marketing of HIV, Oncology, Derma, Respiratory, Anti-Diabetic, Nutraceutical & Stomatological Product Portfolio and Generic as well as Chronic Critical Care Portfolio. A First Class MBA in International Business & Strategic Marketing, B.Pharm, D.Pharm, Google Certified Digital Marketing Professional. Qualified PhD Candidate in Operations and Management with special focus on Artificial Intelligence and Machine Learning adoption, analysis and use in Healthcare, Hospital & Pharma Domain. Seasoned with diverse therapy area of Pharmaceutical Sales & Marketing ranging from generating revenue through generating prescriptions, launching new products, and making them big brands with continuous strategy execution at the Physician and Patients level. Moved from Sales to Marketing and Business Development for 3.5 years in South East Asian Market operating from Manila, Philippines. Came back to India and handled and developed Brands such as Gluconorm, Lupisulin, Supracal, Absolut Woman, Hemozink, Fabiflu (For COVID 19), and many more. In my previous assignment I used to develop and execute strategies on Sales & Marketing, Commercialization & Business Development for Institution and Corporate Hospital Business portfolio of Oncology Therapy Area for AstraZeneca Pharma India Ltd. Being a Research Scholar and Student of ‘Operations Research & Management: Artificial Intelligence’ I published several pioneer research papers and book chapters on the same in Internationally reputed journals and Books indexed in Scopus, Springer and Ei Compendex, Google Scholar etc. Currently, I am launching PGDM Pharmaceutical Management Program in IIHMR Bangalore and spearheading the course curriculum and structure of the same. I am interested in Collaboration for Healthcare Innovation, Pharma AI Innovation, Future trend in Marketing and Management with incubation on Healthcare, Healthcare IT startups, AI-ML Modelling and Healthcare Algorithm based training module development. I am also an affiliated member of the Institute of Management Consultant of India, looking forward to Healthcare, Healthcare IT and Innovation, Pharma and Hospital Management Consulting works.",institutionString:null,institution:{name:"Lovely Professional University",country:{name:"India"}}},{id:"310576",title:"Prof.",name:"Erick Giovani",middleName:null,surname:"Sperandio Nascimento",slug:"erick-giovani-sperandio-nascimento",fullName:"Erick Giovani Sperandio Nascimento",position:null,profilePictureURL:"https://intech-files.s3.amazonaws.com/0033Y00002pDKxDQAW/ProfilePicture%202022-06-20%2019%3A57%3A24.788",biography:"Prof. Erick Sperandio is the Lead Researcher and professor of Artificial Intelligence (AI) at SENAI CIMATEC, Bahia, Brazil, also working with Computational Modeling (CM) and HPC. He holds a PhD in Environmental Engineering in the area of Atmospheric Computational Modeling, a Master in Informatics in the field of Computational Intelligence and Graduated in Computer Science from UFES. He currently coordinates, leads and participates in R&D projects in the areas of AI, computational modeling and supercomputing applied to different areas such as Oil and Gas, Health, Advanced Manufacturing, Renewable Energies and Atmospheric Sciences, advising undergraduate, master's and doctoral students. He is the Lead Researcher at SENAI CIMATEC's Reference Center on Artificial Intelligence. In addition, he is a Certified Instructor and University Ambassador of the NVIDIA Deep Learning Institute (DLI) in the areas of Deep Learning, Computer Vision, Natural Language Processing and Recommender Systems, and Principal Investigator of the NVIDIA/CIMATEC AI Joint Lab, the first in Latin America within the NVIDIA AI Technology Center (NVAITC) worldwide program. He also works as a researcher at the Supercomputing Center for Industrial Innovation (CS2i) and at the SENAI Institute of Innovation for Automation (ISI Automação), both from SENAI CIMATEC. He is a member and vice-coordinator of the Basic Board of Scientific-Technological Advice and Evaluation, in the area of Innovation, of the Foundation for Research Support of the State of Bahia (FAPESB). He serves as Technology Transfer Coordinator and one of the Principal Investigators at the National Applied Research Center in Artificial Intelligence (CPA-IA) of SENAI CIMATEC, focusing on Industry, being one of the six CPA-IA in Brazil approved by MCTI / FAPESP / CGI.br. He also participates as one of the representatives of Brazil in the BRICS Innovation Collaboration Working Group on HPC, ICT and AI. He is the coordinator of the Work Group of the Axis 5 - Workforce and Training - of the Brazilian Strategy for Artificial Intelligence (EBIA), and member of the MCTI/EMBRAPII AI Innovation Network Training Committee. He is the coordinator, by SENAI CIMATEC, of the Artificial Intelligence Reference Network of the State of Bahia (REDE BAH.IA). He leads the working group of experts representing Brazil in the Global Partnership on Artificial Intelligence (GPAI), on the theme \"AI and the Pandemic Response\".",institutionString:"Manufacturing and Technology Integrated Campus – SENAI CIMATEC",institution:null},{id:"1063",title:"Prof.",name:"Constantin",middleName:null,surname:"Volosencu",slug:"constantin-volosencu",fullName:"Constantin Volosencu",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/1063/images/system/1063.png",biography:"Prof. Dr. Constantin Voloşencu graduated as an engineer from\nPolitehnica University of Timișoara, Romania, where he also\nobtained a doctorate degree. He is currently a full professor in\nthe Department of Automation and Applied Informatics at the\nsame university. Dr. Voloşencu is the author of ten books, seven\nbook chapters, and more than 160 papers published in journals\nand conference proceedings. He has also edited twelve books and\nhas twenty-seven patents to his name. He is a manager of research grants, editor in\nchief and member of international journal editorial boards, a former plenary speaker, a member of scientific committees, and chair at international conferences. His\nresearch is in the fields of control systems, control of electric drives, fuzzy control\nsystems, neural network applications, fault detection and diagnosis, sensor network\napplications, monitoring of distributed parameter systems, and power ultrasound\napplications. He has developed automation equipment for machine tools, spooling\nmachines, high-power ultrasound processes, and more.",institutionString:"Polytechnic University of Timişoara",institution:{name:"Polytechnic University of Timişoara",country:{name:"Romania"}}},{id:"221364",title:"Dr.",name:"Eneko",middleName:null,surname:"Osaba",slug:"eneko-osaba",fullName:"Eneko Osaba",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/221364/images/system/221364.jpg",biography:"Dr. Eneko Osaba works at TECNALIA as a senior researcher. He obtained his Ph.D. in Artificial Intelligence in 2015. He has participated in more than twenty-five local and European research projects, and in the publication of more than 130 papers. He has performed several stays at universities in the United Kingdom, Italy, and Malta. Dr. Osaba has served as a program committee member in more than forty international conferences and participated in organizing activities in more than ten international conferences. He is a member of the editorial board of the International Journal of Artificial Intelligence, Data in Brief, and Journal of Advanced Transportation. He is also a guest editor for the Journal of Computational Science, Neurocomputing, Swarm, and Evolutionary Computation and IEEE ITS Magazine.",institutionString:"TECNALIA Research & Innovation",institution:{name:"Tecnalia",country:{name:"Spain"}}},{id:"275829",title:"Dr.",name:"Esther",middleName:null,surname:"Villar-Rodriguez",slug:"esther-villar-rodriguez",fullName:"Esther Villar-Rodriguez",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/275829/images/system/275829.jpg",biography:"Dr. Esther Villar obtained a Ph.D. in Information and Communication Technologies from the University of Alcalá, Spain, in 2015. She obtained a degree in Computer Science from the University of Deusto, Spain, in 2010, and an MSc in Computer Languages and Systems from the National University of Distance Education, Spain, in 2012. Her areas of interest and knowledge include natural language processing (NLP), detection of impersonation in social networks, semantic web, and machine learning. Dr. Esther Villar made several contributions at conferences and publishing in various journals in those fields. Currently, she is working within the OPTIMA (Optimization Modeling & Analytics) business of TECNALIA’s ICT Division as a data scientist in projects related to the prediction and optimization of management and industrial processes (resource planning, energy efficiency, etc).",institutionString:"TECNALIA Research & Innovation",institution:{name:"Tecnalia",country:{name:"Spain"}}},{id:"49813",title:"Dr.",name:"Javier",middleName:null,surname:"Del Ser",slug:"javier-del-ser",fullName:"Javier Del Ser",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/49813/images/system/49813.png",biography:"Prof. Dr. Javier Del Ser received his first PhD in Telecommunication Engineering (Cum Laude) from the University of Navarra, Spain, in 2006, and a second PhD in Computational Intelligence (Summa Cum Laude) from the University of Alcala, Spain, in 2013. He is currently a principal researcher in data analytics and optimisation at TECNALIA (Spain), a visiting fellow at the Basque Center for Applied Mathematics (BCAM) and a part-time lecturer at the University of the Basque Country (UPV/EHU). His research interests gravitate on the use of descriptive, prescriptive and predictive algorithms for data mining and optimization in a diverse range of application fields such as Energy, Transport, Telecommunications, Health and Industry, among others. In these fields he has published more than 240 articles, co-supervised 8 Ph.D. theses, edited 6 books, coauthored 7 patents and participated/led more than 40 research projects. He is a Senior Member of the IEEE, and a recipient of the Biscay Talent prize for his academic career.",institutionString:"Tecnalia Research & Innovation",institution:null},{id:"278948",title:"Dr.",name:"Carlos Pedro",middleName:null,surname:"Gonçalves",slug:"carlos-pedro-goncalves",fullName:"Carlos Pedro Gonçalves",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRcmyQAC/Profile_Picture_1564224512145",biography:'Carlos Pedro Gonçalves (PhD) is an Associate Professor at Lusophone University of Humanities and Technologies and a researcher on Complexity Sciences, Quantum Technologies, Artificial Intelligence, Strategic Studies, Studies in Intelligence and Security, FinTech and Financial Risk Modeling. He is also a progammer with programming experience in:\n\nA) Quantum Computing using Qiskit Python module and IBM Quantum Experience Platform, with software developed on the simulation of Quantum Artificial Neural Networks and Quantum Cybersecurity;\n\nB) Artificial Intelligence and Machine learning programming in Python;\n\nC) Artificial Intelligence, Multiagent Systems Modeling and System Dynamics Modeling in Netlogo, with models developed in the areas of Chaos Theory, Econophysics, Artificial Intelligence, Classical and Quantum Complex Systems Science, with the Econophysics models having been cited worldwide and incorporated in PhD programs by different Universities.\n\nReceived an Arctic Code Vault Contributor status by GitHub, due to having developed open source software preserved in the \\"Arctic Code Vault\\" for future generations (https://archiveprogram.github.com/arctic-vault/), with the Strategy Analyzer A.I. module for decision making support (based on his PhD thesis, used in his Classes on Decision Making and in Strategic Intelligence Consulting Activities) and QNeural Python Quantum Neural Network simulator also preserved in the \\"Arctic Code Vault\\", for access to these software modules see: https://github.com/cpgoncalves. He is also a peer reviewer with outsanding review status from Elsevier journals, including Physica A, Neurocomputing and Engineering Applications of Artificial Intelligence. Science CV available at: https://www.cienciavitae.pt//pt/8E1C-A8B3-78C5 and ORCID: https://orcid.org/0000-0002-0298-3974',institutionString:"University of Lisbon",institution:{name:"Universidade Lusófona",country:{name:"Portugal"}}},{id:"241400",title:"Prof.",name:"Mohammed",middleName:null,surname:"Bsiss",slug:"mohammed-bsiss",fullName:"Mohammed Bsiss",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/241400/images/8062_n.jpg",biography:null,institutionString:null,institution:null},{id:"276128",title:"Dr.",name:"Hira",middleName:null,surname:"Fatima",slug:"hira-fatima",fullName:"Hira Fatima",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/276128/images/14420_n.jpg",biography:"Dr. Hira Fatima\nAssistant Professor\nDepartment of Mathematics\nInstitute of Applied Science\nMangalayatan University, Aligarh\nMobile: no : 8532041179\nhirafatima2014@gmal.com\n\nDr. Hira Fatima has received his Ph.D. degree in pure Mathematics from Aligarh Muslim University, Aligarh India. Currently working as an Assistant Professor in the Department of Mathematics, Institute of Applied Science, Mangalayatan University, Aligarh. She taught so many courses of Mathematics of UG and PG level. Her research Area of Expertise is Functional Analysis & Sequence Spaces. She has been working on Ideal Convergence of double sequence. She has published 17 research papers in National and International Journals including Cogent Mathematics, Filomat, Journal of Intelligent and Fuzzy Systems, Advances in Difference Equations, Journal of Mathematical Analysis, Journal of Mathematical & Computer Science etc. She has also reviewed few research papers for the and international journals. She is a member of Indian Mathematical Society.",institutionString:null,institution:null},{id:"414880",title:"Dr.",name:"Maryam",middleName:null,surname:"Vatankhah",slug:"maryam-vatankhah",fullName:"Maryam Vatankhah",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Borough of Manhattan Community College",country:{name:"United States of America"}}},{id:"414879",title:"Prof.",name:"Mohammad-Reza",middleName:null,surname:"Akbarzadeh-Totonchi",slug:"mohammad-reza-akbarzadeh-totonchi",fullName:"Mohammad-Reza Akbarzadeh-Totonchi",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Ferdowsi University of Mashhad",country:{name:"Iran"}}},{id:"414878",title:"Prof.",name:"Reza",middleName:null,surname:"Fazel-Rezai",slug:"reza-fazel-rezai",fullName:"Reza Fazel-Rezai",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"American Public University System",country:{name:"United States of America"}}},{id:"302698",title:"Dr.",name:"Yao",middleName:null,surname:"Shan",slug:"yao-shan",fullName:"Yao Shan",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Dalian University of Technology",country:{name:"China"}}},{id:"125911",title:"Prof.",name:"Jia-Ching",middleName:null,surname:"Wang",slug:"jia-ching-wang",fullName:"Jia-Ching Wang",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"National Central University",country:{name:"Taiwan"}}},{id:"357085",title:"Mr.",name:"P. Mohan",middleName:null,surname:"Anand",slug:"p.-mohan-anand",fullName:"P. Mohan Anand",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Indian Institute of Technology Kanpur",country:{name:"India"}}},{id:"356696",title:"Ph.D. Student",name:"P.V.",middleName:null,surname:"Sai Charan",slug:"p.v.-sai-charan",fullName:"P.V. Sai Charan",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Indian Institute of Technology Kanpur",country:{name:"India"}}},{id:"357086",title:"Prof.",name:"Sandeep K.",middleName:null,surname:"Shukla",slug:"sandeep-k.-shukla",fullName:"Sandeep K. Shukla",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Indian Institute of Technology Kanpur",country:{name:"India"}}},{id:"356823",title:"MSc.",name:"Seonghee",middleName:null,surname:"Min",slug:"seonghee-min",fullName:"Seonghee Min",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Daegu University",country:{name:"Korea, South"}}},{id:"353307",title:"Prof.",name:"Yoosoo",middleName:null,surname:"Oh",slug:"yoosoo-oh",fullName:"Yoosoo Oh",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:"Yoosoo Oh received his Bachelor's degree in the Department of Electronics and Engineering from Kyungpook National University in 2002. He obtained his Master’s degree in the Department of Information and Communications from Gwangju Institute of Science and Technology (GIST) in 2003. In 2010, he received his Ph.D. degree in the School of Information and Mechatronics from GIST. In the meantime, he was an executed team leader at Culture Technology Institute, GIST, 2010-2012. In 2011, he worked at Lancaster University, the UK as a visiting scholar. In September 2012, he joined Daegu University, where he is currently an associate professor in the School of ICT Conver, Daegu University. Also, he served as the Board of Directors of KSIIS since 2019, and HCI Korea since 2016. From 2017~2019, he worked as a center director of the Mixed Reality Convergence Research Center at Daegu University. From 2015-2017, He worked as a director in the Enterprise Supporting Office of LINC Project Group, Daegu University. His research interests include Activity Fusion & Reasoning, Machine Learning, Context-aware Middleware, Human-Computer Interaction, etc.",institutionString:null,institution:{name:"Daegu Gyeongbuk Institute of Science and Technology",country:{name:"Korea, South"}}},{id:"262719",title:"Dr.",name:"Esma",middleName:null,surname:"Ergüner Özkoç",slug:"esma-erguner-ozkoc",fullName:"Esma Ergüner Özkoç",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Başkent University",country:{name:"Turkey"}}},{id:"346530",title:"Dr.",name:"Ibrahim",middleName:null,surname:"Kaya",slug:"ibrahim-kaya",fullName:"Ibrahim Kaya",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Izmir Kâtip Çelebi University",country:{name:"Turkey"}}},{id:"419199",title:"Dr.",name:"Qun",middleName:null,surname:"Yang",slug:"qun-yang",fullName:"Qun Yang",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Auckland",country:{name:"New Zealand"}}}]}},subseries:{item:{id:"41",type:"subseries",title:"Water Science",keywords:"Water, Water resources, Freshwater, Hydrological processes, Utilization, Protection",scope:"