A universal basic income is a regular cash payment every person receives, regardless of their other income or wealth. It’s a radical rethinking of the economy and society that provides economic security to everyone. It is seen as a potential solution to insecurity.It’s argued that UBI will help people to manage their finances better and lead healthier lives. It will also remove the stress caused by utilizing tests, conditionality, and uncertainty about whether support will be withdrawn.

Finland

The Finnish government launched the country’s first nationwide basic income experiment in 2017 and 2018. This was the first statutory, national randomized field experiment on basic income.

The two-year program results showed that the participants who received a guaranteed basic income were happier than the control group, more confident in their abilities, and more likely to feel financially protected. They also trusted other people and institutions more than the control group.

The Finnish basic income experiment was a genuinely ambitious social experiment in many ways. It was the first statutory, nationwide, randomized field trial on basic income.

United States

The United States has a universal basic income, but it needs to be discovered. It is a form of refundable tax credit paid to families based on the number of children they have.

Americans enjoy the opportunity to work and are overwhelmingly in favor of requiring non-disabled adults to seek and accept work (see Welfare Opinion Page). Some critics believe that UBI will make workers more likely to leave paid employment2, but this has yet to be proven.

Financing is another critical issue, as some UBI proposals recommend increased taxes, while others suggest a wealth dividend program4. However, higher taxes on the wealthy may hurt the economy in other ways, leading to fewer jobs and lower wages for low-income individuals.

Canada

The idea of a universal basic income, or UBI, has been around for a long time. It’s been tried in countries worldwide, including Spain, Namibia, Brazil, and Iran.

In Canada, the concept came into play in the 1970s through a pilot program called “Mincome,” designed to tackle rural poverty. It was tested in Dauphin, Manitoba, and saw positive results.

UBI has been shown to improve health and well-being. It reduces stress, increases physical health, and helps people focus on their work rather than the welfare system. It also reduces domestic violence, child abuse, and financial stress.

Japan

Japan is one of the world’s largest economies but has some of the highest poverty rates. A recent proposal by a member of Prime Minister Yoshihide Suga’s growth strategy panel to introduce a basic income has triggered public discussion and concern about social inequality and job security.

The Japanese social security system combines the public pension and medical insurance systems. There are also personal social services for the elderly and family policies to support working women.

However, the public pension and health insurance systems are Japan’s main expenditure areas. They are estimated to comprise about Y=70 trillion (about 16.3% of the national income) in 1994.

As a result, the government spends most of its social security budget on these two items. There is a growing concern that the existing pension and welfare systems will need to be reformed before a universal basic income can be introduced.

Germany

The concept of universal basic income isn’t new, but it’s become increasingly popular amid financial crises and growing inequality in some countries. Those who support the idea argue it would reduce inequality and improve well-being by giving people more financial security.

However, opponents argue that the idea could deter people from working and cheat economies out of productivity. They also claim that a basic income would undermine the sense of purpose. That will come from work and would be unaffordable for governments.

In Germany, a new trial will put 120 people on a monthly payment of EUR1,200 for three years to see whether it can improve their lives. It’s the first such experiment in Germany and will allow researchers to collect data on how universal basic income affects those who receive it.