Is Universal Basic Income really possible in the developed and developing economy? - letsdiskuss
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Rakesh Singh

Delhi Press | Posted on | News-Current-Topics

Is Universal Basic Income really possible in the developed and developing economy?


| Posted on

The idea of Universal Basic Income (UBI) has gained massive popularity in recent times, with more and more governments experimenting with it; more recently Finland.

It is an unconditional, periodic pay of an amount to the individuals without a requirement to work or to demonstrate willingness-to-work, as is needed with other unemployment-pay schemes.

UBI has a lot of pros and cons, with views widely divided. Its benefits include:

· Increased financial security

· Equality in opportunities

· Reduces bureaucracy and administrative expenses

· Improves financial independence

· People who argue against this scheme put forth a range of demerits like:

· It increases dependence on state

· It is almost impossible to finance

· It can encourage people to stop working

Only the people who needs help should get it

The arguments both for and against are legit and true on their points. Yes, UBI might sound very unrealistic; and there’s a whole wide range of factors that needs to be considered. But it also has loads of benefits that cannot be overlooked in the face of challenges and problems. After all, there are people who need this. And imagine how amazing the society will be if one of their biggest insecurity is taken out from their lives. There are places where the scheme is in pilot phase like Finland, Kenya and Canada. Other countries are on-board as well, arguing for the scheme- like Australia, UK, France, India, Switzerland and more.

So, sure there are a lot of challenges to implement Universal Basic Income. But if the government is dedicated enough, the scheme is possible in the developed, developing and under-developed countries.

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