Wednesday, April 24, 2019
Economy

Universal Basic Income: What Is It?

Universal basic income  in the United Kingdom is  a benefit system that seeks to provide financial security to all citizens. Also known as Citizen’s Income, it is to be regularly paid to citizens as a right of legal residence without means testing. Ideally, this payment is non-taxable and is justly paid without requirement to work, only aiming to enable one the ability to cover basic needs. This amount is to be paid to citizens from birth till death. Yet to be approved in the UK, supporters have given reasons why everyone should give this proposal a chance. Below are some of the reasons.

  1. A basic income plan will create equality in the society. This is because everyone will be guaranteed some amount of money, whether working or not.
  2. It will help reduce poverty. Paying citizens some amount of money regularly will reduce day today struggles of people. This might include homelessness and lack of food.
  3. It will help better working conditions for all. With the option of a regular guaranteed income, it will be very easy for citizens to ease their working schedule.
  4. A basic income plan will significantly improve democracy and as well compensate unpaid contributions.