Basic Income Arrives: Finland To Give 2,000 Citizens Guaranteed Income Of €560 Per Month

Monday, January 2, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Jan 2, 2017

Just over a year ago, we reported that in what was set to be a pilot experiment in “universal basic income”, Finland would become the first nation to hand out “helicopter money” in the form of cash directly to every citizen.

As of January 1, 2017, the experiment in “basic income” has officially begun, with Finland becoming the first country in Europe to pay its unemployed citizens the guaranteed monthly sum of 560 euros ($587), in a “unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment.” According to Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, the two-year trial with the 2,000 randomly picked citizens who starting on the first day of the year, will receive a guaranteed income, with funds that will keep flowing whether participants work or not.

The money, which is guaranteed regardless of income, wealth or employment status, is well below the average private sector income in Finland of €3,500 per month, but is still revolutionary in its broad-sweeping approach and will be closely watched by outside economists for its social consequences.

The idea, at least in theory, is that a universal income offers workers greater security, especially as technological advances reduce the need for human labor. It will also allow unemployed people to pick up odd jobs without losing their benefits. The 2,000 lucky participants in the trial were randomly selected, but had to be receiving unemployment benefits or an income subsidy. The money they are paid through the program will not be taxed.

The Rest…HERE

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