Universal Basic Income (UBI) has been gaining a lot of traction as of late with various industry experts, government officials, and financial experts expressing the need to explore the possibilities of implementing a basic income program.
UBI is a lump sum of money given periodically to individuals unconditionally. There are no tests or work requirements that bar an individual from getting the money. In addition to this, the income that they will receive is a supplement to their total income which means that under this system, individuals have an option to work or not.
At the heart of the proposals for UBI is the prevention of poverty in certain countries which is why it is highly suited in regions like Africa where poverty is rampant.
This pilot study is one of many that are being planned out around the world. Finland has already started to give out basic income to its residents with the same goal of reducing poverty. Ontario, Canada and Oakland, California are also starting to plan out their own programs.
- 8 high-profile entrepreneurs who have endorsed universal basic income (businessinsider.com)
- Elon Musk says there’s a ‘pretty good chance’ universal basic income will become reality (businessinsider.com)
- Pay a universal income because robots will take all our jobs, says Elon Musk (telegraph.co.uk)
- How Cities Can Prepare Workers for a Robotic Future (nextcity.org)