The increased use of artificial intelligence (AI) and automation has threatened the future of the job market. These technologies have caused profound changes in the way we work. In a rapidly evolving labour market, many extol the possible benefits of a universal basic income system and see this as the only way forward. What are the benefits and the pitfalls of implementing such a scheme?
One future direction for countries is to put in place a universal basic income system. UBI schemes pay every citizen a regular, non-means-tested, automatic payment to keep that individual above the poverty line. Advocates of such a scheme – such as Virgin’s Richard Branson, Facebook’s Mark Zuckerberg and Microsoft’s Bill Gates maintain that a guaranteed income develops more creativity in people and they are more likely to consider entrepreneurial risk.