UBI is Universal Basic Income whose premise is to make life
easier for people in need and encourage greater economic activity by giving
monthly payments. Governments started to consider UBI to combat poverty even
before the COVID-19 pandemic which has destroyed the economy in shambles.
The idea of UBI is to combat poverty and put an end to the economic
prospects that have been around for decades. UBI relies heavily on government
budgets or direct funding to operate easily. With the COVID-19 wreaking havoc
on economies around the world, some groups are rekindling the idea of UBI.
UBI operates by giving people a regular stipend that will meet
their basic needs to sustain life. It is up to the person if they want to spend
money on resources or search for better employment options. They are free to
spend their money. However, a question comes for what is the necessary amount
to be given to people to sustain life. There have been studies with the existing
data and keeping the distinction between basic income and universal basic
income in mind, 48 basic income programs were mapped. They demonstrated multiple
features of UBI and are regularly cited in basic income policy.
The biggest difficulty to keep the program going is securing
the adequate funding. There are too many mouths to feed with very little
resources. Ontario’s three-year worth of projects were prematurely cancelled in
2018 and Finland’s programs are still TBD.
Take a look at the following infographic for more information.
Infographic by: visualcapitlist
