Browse Definitions :
Definition

guaranteed income

Contributor(s): Ivy Wigmore

Guaranteed income is an umbrella term for a number of models designed to deliver funds to a given population. Some models are needs-based and/or require willingness to work, while others require only citizenship for eligibility.

The essential goal of guaranteed income programs is eliminating or reducing poverty, while also ensuring greater equality in access to resources and opportunities. The systems could also replace government programs such as welfare, employment insurance, pension plans, disability benefits and tax credits, eliminating the administrative costs associated with operating multiple different systems.

Increasingly, guaranteed income programs are being considered as one potential way to alleviate the situation of workers displaced by automation. In a potential not-too-distant future scenario sometimes referred to as the robot economy, a great deal of human labor could be replaced by physical robots and AI (artificial intelligence)-enhanced software. According to Carl Benedikt Frey and Michael A. Osborne, researchers from Oxford University, 47 percent of current jobs within the United States could be automated within the next 20 years.

The two main types of guaranteed income programs are guaranteed minimum income (GMI) and universal basic income (UBI) systems. Guaranteed minimum income, also known as minimum income or basic income guarantee (BIG), is a supplemental model that provides varying amounts of additional funding to any earnings of low-income citizens, based on demonstrated need.

In the universal basic income (UBI) model, all citizens receive the same payment, regardless of income, resources or employment status; the tax system ensures that funds are returned from those above a specific income level. One of the main benefits of the universal model is the simplicity of its structure and the low overhead involved with its implementation and operation.

A third model, negative income tax (NIT) is based on individual tax returns. Those reporting an income below the program's threshold amount when filing would receive a supplement based on the discrepancy rather than paying taxes.

This was last updated in June 2017

Continue Reading About guaranteed income

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

Extensions de fichiers et formats de fichiers

Motorisé par:

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance as a service (CaaS)

    Compliance as a Service (CaaS) is a cloud service service level agreement (SLA) that specified how a managed service provider (...

  • data protection impact assessment (DPIA)

    A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...

SearchSecurity

  • cybersecurity insurance (cybersecurity liability insurance)

    Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to ...

  • phishing

    Phishing is a form of fraud in which an attacker masquerades as a reputable entity or person in email or other communication ...

  • cybercrime

    Cybercrime is any criminal activity that involves a computer, networked device or a network.

SearchHealthIT

SearchDisasterRecovery

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

SearchStorage

  • NVMe over Fabrics (NVMe-oF)

    NVMe over Fabrics, also known as NVMe-oF and non-volatile memory express over fabrics, is a protocol specification designed to ...

  • logical unit number (LUN)

    A logical unit number (LUN) is a unique identifier for designating an individual or collection of physical or virtual storage ...

  • CIFS (Common Internet File System)

    CIFS (Common Internet File System) is a protocol that gained popularity around the year 2000, as vendors worked to establish an ...

Close