UBI gains traction over the impacts of AI and encouraging socially valuable work
Universal basic income is seen as a solution to AI impact, encouraging fulfilling work. Pilot schemes show UBI supports art, boosts labor market participation, and improves financial health, despite challenges like tax implications.
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Universal basic income is gaining traction as a solution to the impact of AI and a way to encourage more rewarding work. Elinor O’Donovan, a participant in a basic income pilot scheme in Ireland, highlights how the guaranteed income has allowed her to focus on her art by covering her living expenses. Advocates argue that UBI could provide a safety net in the face of potential job losses due to AI advancements. Studies suggest that UBI could lead to increased participation in the labor market and enable individuals to pursue more socially valuable activities. Initiatives in the US and UK have shown promising results, with participants reporting improved financial health and career opportunities. Despite challenges such as tax implications and resistance from government bodies, the potential benefits of UBI in promoting financial stability and dignity for vulnerable populations are being recognized by policymakers and advocates worldwide. The discussion around UBI is evolving, with the concept gaining support from various sectors as a potential transformative force in society.
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