Universal Basic Income (UBI)
Universal Basic Income is a form of social security in which all citizens or residents of a country regularly receive an unconditional sum of money from the government, regardless of any other income.
Key Aspects of UBI
- Unconditional: No means test or work requirement
- Universal: Given to all citizens or residents
- Regular: Paid at consistent intervals
- Cash payment: Allows recipients to decide how to use the funds
Potential Benefits of UBI
- Reduction of poverty and inequality
- Increased economic security
- Support for unpaid caregivers and volunteers
- Encouragement of entrepreneurship and creativity
- Simplification of welfare systems
While UBI is still a topic of debate and experimentation, it represents a potential shift in how we approach social welfare and economic security.