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Guaranteed Basic Income (GBI), also known as Universal Basic Income (UBI) or Basic Income Guarantee (BIG), is a social welfare program where all citizens or residents of a country receive a regular, unconditional sum of money from the government, regardless of their income or employment status.
The concept of GBI has gained significant attention and debate globally due to its potential to address poverty, income inequality, and automation-related job displacement. Advocates argue that it provides financial security, promotes social justice, and stimulates economic activity by empowering individuals to meet their basic needs and pursue opportunities.
However, critics express concerns about the financial feasibility of implementing such programs, potential disincentives to work, and the need for comprehensive policy reforms to address broader socio-economic issues.
Several pilot programs and experiments testing GBI have been conducted in various countries and regions, including Finland, Canada, Kenya, and the United States, to assess its impacts on individuals, communities, and economies. These experiments aim to provide valuable data and insights into the effectiveness and implications of implementing GBI on a larger scale.