Universal basic income is a social welfare proposal in which a guaranteed income is provided to the beneficiaries through transfer payment. Pros- 1. Help reduce poverty 2. Give a sense of freedom to the person 3. Empower people for taking financial risk Cons- 1. Financial burden on the government 2. Decrease motivation to work 3. Inflation may rise due to increased demand Hence, in my view UBI scheme should not be implemented as it may cause a preview of disencouragement among people who are working. Instead government should focus on ways to create more employment so that there is no need of such schemes.
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Universal basic income is a social welfare proposal in which a guaranteed income is provided to the beneficiaries through transfer payment.
Pros-
1. Help reduce poverty
2. Give a sense of freedom to the person
3. Empower people for taking financial risk
Cons-
1. Financial burden on the government
2. Decrease motivation to work
3. Inflation may rise due to increased demand
Hence, in my view UBI scheme should not be implemented as it may cause a preview of disencouragement among people who are working. Instead government should focus on ways to create more employment so that there is no need of such schemes.