A citizens income, basic wage or Universal basic Income (UBI) is a concept of paying everyone in society a universal benefit regardless of income and circumstances.<\/p>\n
The main advantage is that ensures a minimum standard of income for everyone without any costs and bureaucracy of means-tested benefits. Also, it avoids the disincentive to work that can occur with means-tested benefits. In times of crisis, a UBI can also provide a social safety net with minimum admin costs.<\/p>\n
The disadvantage is that is an expensive undertaking to pay everyone in society a universal benefit and there is a concern it may encourage some to live on benefits without contributing anything useful to society.<\/p>\n<\/p>\n
A citizens income or universal basic income would primarily be paid for out of general taxation, though in some models it could involve redistributing profits from publicly owned industries.<\/p>\n
Under the proposals of Citizens Trust income, benefits should be distributed according to age.0-24 year olds would receive 56.25 per week, 25-64 year olds would receive 71 per week and those 65 and over would receive 142.70 per week.<\/p>\n
The citizens income would replace all benefits except disability and housing benefit. The total cost for 2012\/13 would be 276n close to the existing annual welfare budget.<\/p>\n
It would replace child benefit, income support, JSA, NI and state pensions. It also estimates savings of 10bn from administration of pensions and tax credits.<\/p>\n
The interesting thing about a citizens income is that it gains support from both the left and right. The left supports its aim to create a more egalitarian society. There is support from the right who dislike the disincentives and bureaucracy of means tested benefits.<\/p>\n
From a personal view, I like it because my lodger is on a zero-hour contract he often doesnt have money to pay rent, but he is not eligible for any benefits. A citizens income would be good to provide a minimum income guarantee.<\/p>\n
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See the original post here:<\/p>\n
Universal basic income - Pros and cons - Economics Help<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A citizens income, basic wage or Universal basic Income (UBI) is a concept of paying everyone in society a universal benefit regardless of income and circumstances. The main advantage is that ensures a minimum standard of income for everyone without any costs and bureaucracy of means-tested benefits Continue reading