Tag: guaranteed income

Basic income system promotes social justice

Basic income system promotes social justice

Lee Yoon-ki By Lee Yoon-ki
With the outbreak of the COVID-19 pandemic, Korea’s economy not only recorded one of its worst economic contractions since the Great Recession of 2008, but also shrank for the first time in 22 years since the 1998 Asian Financial crisis. In the midst of this economic turmoil, a fundamental question lies at the heart of the discussion: how is the pandemic undermining social justice?
Social justice means that everyone has an equal opportunity to education, employment, healthcare and security. However, the outbreak has amplified health, income and education inequalities, and also exacerbated economic polarization. […]

Meet a single mom who transformed her life through a guaranteed income program that gives her $1,800 every 3 months. It helped her get a car, a new job, and move into a better neighborhood for her…

Meet a single mom who transformed her life through a guaranteed income program that gives her $1,800 every 3 months. It helped her get a car, a new job, and move into a better neighborhood for her…

The Compton Pledge is the largest city-based guaranteed income program in the United States. jjwithers/Getty Images Christine, a woman from Compton, California, gets $1,800 every three months through a basic income program.

The guaranteed income program is the largest one in the country, and helps 800 low-income families like Christine’s.

She told Insider it helped her get a car, a job, rebuild her credit, move into a new neighborhood, and get her kids into childcare. Christine and her daughter both got COVID in January. It was bad timing.The 45-year-old native of Compton, California, told Insider that her five-year-old had […]

This is the perfect age to buy an annuity

This is the perfect age to buy an annuity

Millions of pensioners are missing out on a better retirement by shunning annuities and keeping their money in “drawdown” accounts for too long, new research has suggested.

Since the 2015 “pension freedom” reforms, sales of annuities – which pay a guaranteed income for life – have plummeted by about 90pc. Instead, most people keep their pensions invested into retirement and live off the returns.

But analysis by LCP, a consultancy, suggests that there is a “crossover age” at which buying an annuity “makes you happier” than being exposed to the vagaries of the stock market.The magic age varies according to your […]

The Denver Basic Income Project: A Privately Funded Initiative Focused on the Homeless

The Denver Basic Income Project: A Privately Funded Initiative Focused on the Homeless

The Denver Basic Income Project (DBIC) is the first major effort in the United States to study the impact of providing guaranteed income to individuals who are unhoused, as a means of accelerating the path toward stability. It was founded by Denver Colorado businessman and philanthropist Mark Donovan and seeded with $500,000 capital gains he made by selling his Tesla stock. DBIC has already raised an additional $3.3M on top of this to provide unconditional basic income to people experiencing homelessness in Denver, accompanied by a rigorous randomized control trial run by Denver University’s Center for Housing and Homelessness […]

The Denver Basic Income Project: A Privately Funded Initiative Focused on the Homeless

The Denver Basic Income Project: A Privately Funded Initiative Focused on the Homeless

The Denver Basic Income Project (DBIC) is the first major effort in the United States to study the impact of providing guaranteed income to individuals who are unhoused, as a means of accelerating the path toward stability. It was founded by Denver Colorado businessman and philanthropist Mark Donovan and seeded with $500,000 capital gains he made by selling his Tesla stock. DBIC has already raised an additional $3.3M on top of this to provide unconditional basic income to people experiencing homelessness in Denver, accompanied by a rigorous randomized control trial run by Denver University’s Center for Housing and Homelessness […]

$500 a month without strings: Bay Area’s latest guaranteed income program

$500 a month without strings: Bay Area’s latest guaranteed income program

South San Francisco this month sent out the first $500 monthly checks to around 150 low-income families to spend however they see fit.

South San Francisco is the latest Bay Area city to launch a guaranteed income pilot program – in which participants receive monthly cash payments with no strings attached – with $1 million in American Rescue Plan funds and a $100,000 grant from San Mateo County.

“We’ve struggled as a society for years to deal with poverty and we don’t have enough success to show for it,” said Dave Pine, a San Mateo County supervisor, “It’s time to try […]

Catalonia takes the first step on its universal basic income journey

Catalonia takes the first step on its universal basic income journey

Universal basic income is about to make its presence in the Catalonian society Before committing fully to the idea, it needs to be studied through a pilot project

Earlier this week, The Government of Catalonia announced that it has approved the creation of a Temporary Programme , which will serve as a precursor to the full implementation of universal basic income (UBI) in the autonomous region. The programme will be designed and implemented on a limited and selected basis to vulnerable groups through the special Pilot Plan Office .

This comes as a realization of the coalition agreement between ERC and […]

Is Phoenix’s Guaranteed Income Program a Step in the Right Direction?

Is Phoenix’s Guaranteed Income Program a Step in the Right Direction?

On September 21, 2021, Phoenix City Council approved the Financial Assistance for Phoenix Families Program, which will give 1000 low-income Phoenix families $1000 per month for a year. If the program is successful in the first 12 months, the City may choose to continue it. Phoenix is funding this program through the American Rescue Plan Act, the federal COVID-19 relief bill from which the City received $196 million . Phoenix City Council has prioritized investment in the community, with $143 million of ARPA funds supporting “vulnerable populations, businesses, and those hit hardest by the COVID-19 pandemic.” $12 million of […]

Fidelity to help participants buy income annuities

The new ‘Guaranteed Income Direct’ program gives workers the option of purchasing an immediate income annuity, with institutional pricing and offered by an insurer they choose, along with digital tools to help them decide how much to annuitize.

“Guaranteed Income Direct,” a new service from retirement plan giant Fidelity Investments, allows plan participants to convert a portion of their 401(k) or 403(b) savings into an immediate income annuity to provide pension-like payments throughout retirement, a Fidelity release said.

Scheduled to launch for select clients in the first half of 2022, Fidelity Guaranteed Income Direct will have broad availability in the second […]

Compton California’s guaranteed income program fuels the case for RBU

At least 11 cities in the US have adopted guaranteed basic income programs for a select group of citizens.

Universal programs inspired by basic income have been gaining popularity as COVID increases financial insecurity

The group that runs the Compton program says that RBU-like programs help people meet basic expenses without the wellness downside. Christine Sasner had no savings and was running out of funds from her last unemployment check when she learned about the Compton Pledge, the guaranteed income program based in the largest city in the United States.The $ 1,800 check she has received every three months […]