Finland testing ‘Basic Income’ experiment, unemployed paid $600 a month. Here are the results so far.

Finland testing ‘Basic Income’ experiment, unemployed paid $600 a month. Here are the results so far.

Finland since January 2017 have paid $590 each month to 2,000 unemployed people with the promise of doing so for 2 years in the hope of getting them back to work and off the benefit system altogether, the trial allows them to earn other income if they wish and if they do they don’t lose the $590.

The idea is based on the ‘Universal Income’ system where all members of society have a basic ‘salary’ from the Government for just existing, this is something we’ve covered in the past where visionaries such as Elon Musk have said it will be needed in the future as Robot Automation will replace the jobs of millions.

What is the definition of Universal Basic Income?

A basic income (also called unconditional basic income, Citizen’s Income, basic income guarantee, universal basic income or universal demogrant) is a form of social securityin which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. 1

What are the benefits of Universal Basic Income?

The beauty of Universal Income is it’s cheaper than running and managing various benefit systems, for instance in Finland they have 40 options for state benefits this makes many of those redundant as many would be replaced by one single payment and it prevents those who may fall through the cracks and miss out on benefits because of paperwork failure etc.

As always people are arguing what will actually happen, sceptics are of course saying people will just take the money and sit doing ‘nothing’ with the money but advocates are saying they predict most people will use the money to better themselves and their future.

Other countries trialling similar systems are Canada, USA, India, and the Netherlands and one charity has launched a 12-year study in Kenya to see if it will work over there

Whether a universal income is the right model—that’s a debate that we’ll be having. – Barack Obama

Mika Ruusunen and his two children were picked as part of the system.

Mika Ruusunen and his two children were picked as part of the system.

So how are the 2,000 people getting on?

Juha Jarvinen posted on his Facebook page

“The world has changed a lot in last 10-15 years. Lot of jobs are finally gone and never will come back…Because automation and many other things.”

“I believe basic income will be the global future and all will be winners. I hope the world will be more equality.”

“What I will do in future? In next two years? I start new business as soon as possible. Now I’m free for that,”

“I feel safe to start. I don’t feel I risk my kids future.” 1

Rosa Kultalahti-Singh told MTV2

“I hope that this will change the lives of so that if I work full time,”

“then we may be able to live otherwise than in such a way that it all goes from hand to mouth.”


Mari Saarenpää and her dog

Mari Saarenpää

Is in her mid-twenties, she lives with her husband and their son who was born when she was 19-years-old, she was forced to quickly find work to help support the family. In October of 2016, her retail summer job came to end meaning she was unemployed.

“[It’s] a little lonely here … still the mornings, when the house is empty,” she told HS. “Work would be wonderful to get back [to].”

Mika Ruusunen

Dad of two kids, Mika worked as a baker until a couple of years.

“If someone wants to start their own business, you don’t get unemployment benefits even if you don’t have any income for six months,” he told the Guardian. The added money, he suggests, gives people room to take risks. 3

What was the outcome?

  1. via

Leave a Facebook comment

More posts:

Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,570 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

Most popular this month

---- Advertisements ----

More 10ways posts:

Legendary Deals: