Features of Universal Basic Income

We all at one point of time in our lives think that it will be delightful if we get salary or money sitting at home doing nothing, while this fantasy can be true if the government of the country decides to have a universal basic income for citizens of the country. Universal basic income in simple words refers to that rule in which all citizens of the nation get periodic income in the form of cash irrespective of their caste, employment, income status and so on. In order to have more idea about this concept, one should look at various features of universal basic income –

Universal Basic Income Features

Universal in Nature

The first and foremost feature of this scheme is that all citizens of the country are entitled to receive benefit from this scheme without proving unemployment status or caste or any other thing resulting in no headache on the part of citizens which is the case with social schemes where citizens have to prove many things before taking the benefit of the social scheme.

Reduce Exploitation of Low Wage Workers

Another feature of this scheme is that it results in reduction of exploitation of workers who are earning low wages because suppose a worker is getting $10 daily for working in a factory which will be $300 if he or she works daily now suppose due to implementation of universal basic income an individual starts getting $1000 monthly income then that individual will not work for low wages as monthly income of that individual by working in a factory is lower than basic income given by the government.

Periodic Transfer and not one time Transfer

Another feature of this scheme is that transfer of funds will be periodic and not one time and that period can be forthright or monthly, hence unlike other social benefit schemes where people get money for one time or in irregular intervals only this scheme gives regular benefit just like you receive monthly salary or a monthly pension.

Cash Transfer

Under this scheme, people do not get free goods or free services or any other non-cash incentives rather all people receive cash directly into their bank accounts and hence the scope of any intermediary taking undue benefit of government social schemes is not there in this scheme.

No other Subsidies

Once government implements this scheme than all other schemes which give subsidies to poor are annulled implying that citizens of the country will only get benefit from this scheme and all other subsidies schemes are rolled back by the government.

As one can see from the above characteristics of universal basic income that it is a very debatable topic and that is the reason why any government thinking of adopting this concept in the country should look at both pros as well as cons and then take the decision whether to implement universal basic income in the nation or not.