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Define Universal Basic Income (UBI)

The concept of  Universal Basic Income (UBI)  as an alternative to the various social welfare schemes in an effort to reduce poverty.

It suggests that a more efficient way to help the poor will be to provide them resources directly, through a  UBI. It  will  be an efficient  substitute  for  a  existing  welfare  schemes and subsidies.

A basic income is a form of social security in which all citizens of a country regularly receive an unconditional sum of money, either from a government in addition to any income received from elsewhere. 

It  is  based on the principles  of  universality  and unconditionality. However, it  forfeits other government aided benefits. 

Recently, government of Finland announced the introduction of a trial  for UBI involving 2,000 unemployed people. In June 2016, Swiss voters in referendum had overwhelmingly rejected proposal to introduce basic income for all.

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