Universal Basic Income

Context: 

Recently, the Rajasthan government tabled the Rajasthan Minimum Guaranteed Income Bill, 2023, which effectively seeks to cover the entire adult population of the state with guaranteed wages.

About:

• Coverage:The bill covers three categories: right to minimum guaranteed income, right to guaranteed employment, and right to guaranteed social security pension.
• Guaranteed work: All families of the state get guaranteed employment of 125 days every year. 
• Pension for weaker section:  The aged, disabled, widows, and single women get a minimum pension of Rs 1,000 per month.The pension will be increased at the rate of 15 percent each year.

Universal Basic Income:

• It  is a social welfare proposal in which all the beneficiaries regularly receive a guaranteed income in the form of an unconditional transfer payment. 
• This payment serves as a minimum income that individuals can rely on, providing them with the necessary material foundation to access basic goods and live a life of dignity.

Key characteristics of Universal Basic Income:

• Unconditional: UBI is provided to all individuals within a certain geographical area without any means test or work requirement. 
• Regular and Consistent: The payment is made on a regular basis, usually monthly or annually, and is intended to provide a stable and predictable income source.
• Universal Coverage: UBI is designed to benefit every citizen or resident within a specific region or country, regardless of their socioeconomic background.
• Individual Basis: UBI is typically provided on an individual basis, rather than as a household benefit. Each eligible person receives the payment separately.

News source: The Indian Express

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