What is UBI ( Universal Basic Income ) ?

 UNIVERSAL BASIC INCOME

What if I tell you that you will get 5000 rupees monthly for free from the government? Sounds good right? 

Universal Basic Income(UBI) is a theoretical government public program for a periodic payment delivered to all citizens of a given population without any means or work requirement. Basically, Universal Basic Income is a scheme where every citizen of a country will get a certain amount of money from the government every month for the rest of their lives and they do not even have to work for the government to receive this. This is a new policy that a lot of governments are considering to implement due to the world corona pandemic.

 The rapid increase of using AI and  Global recession. Examples of automation and AI in various countries like self-checkout supermarkets, metro stations, diners and we also have automated vehicles. Due to this lot of average skilled laborers and part-time workers are losing job opportunities. This scarcity of jobs will increase in the future. Programs like these help people to stand on their feet and reach their monthly expenses. Countries like Spain and Kenya have already implemented this program and are giving all of their country’s citizens money to reach their basic expenses. 

A lot of celebrities like Elon Musk, Mark Zuckerberg said that basic income is necessary for the future of People to survive job loss. Andrew Zang was running presidential elections in the USA Which was held on Nov 3, his whole campaign was on Universal Basic Income. 

Advantages of UBI-

• People can follow their passion and learn new skills without worrying about paying the bills.
• Poverty will be eradicated as all the citizens can afford a living.
• People with low wages can live a better life.
• Because of this happiness and productivity will increase as everyone will start doing what they like.

Disadvantages of UBI-

• Because of UBI a lot of people will stop working and thus resulting in non-payment of taxes and economic downfall.
• There'll be no motivation to earn money.
• The literacy rate might decrease.
• May lead to welfare support for undesirables like criminals and The Unlawful

What do you guys think about this let us know in the comments.