Tag: guaranteed income

Compton to select 800 low-income residents to receive ‘guaranteed income’ for a 2-year pilot program

Compton to select 800 low-income residents to receive ‘guaranteed income’ for a 2-year pilot program

The mayor of Compton, California, has told the Los Angeles Times that she is launching a pilot program with a local non-profit that will give 800 residents a “guaranteed income” over the next two years.

Compton Mayor Aja Brown told the Times that a non-profit called the Compton Pledge would select 800 low-income residents and distribute a “guaranteed income” to them for the next two years.

According to the Times, the participants will be selected from a “pre-verified” list of low-income families in the area. Over the span of two years, the Compton Pledge plans to provide the families with “at […]

Ep. 35 Facebook Founder, Chris Hughes, Makes the Case for Guaranteed Income

On today’s Catalysts for Change, Jill talks to Chris Hughes, co-founder of Facebook and co-chair of the Economic Security Project. As the Shah Foundation begins to support a new guaranteed income program in Chelsea MA , Chris’s work with the Economic Security Project and focus on guaranteed income is relevant and important to understanding guaranteed income initiatives.

Chris’s work with the Economic Security Project focuses on supporting policies and initiatives for guaranteed income, which provides individuals with a set amount of money. As co-founder of the Economic Security Project, he has led work to rewrite federal and state tax codes […]

What is a defined benefit pension?

What is a defined benefit pension?

Providing a secure and stable income in retirement, defined benefit pensions are considered one of the best types of pension to have

A defined benefit pension plan, also known as a final salary pension, is a type of workplace pension in which the amount you receive in retirement depends on the number of years you have worked for your employer and your final salary.

How much you get is determined by the rules of your pension scheme, rather than investments or the amount you’ve paid in. How does a defined benefit pension work? If you’re lucky enough to have a […]

Everywhere basic income has been tried, in one map: Kenya; Iran; Alaska; Stockton, California; and more

The idea of a basic income was, for decades, something of a policy fantasy. But the last few years have seen it become less outlandish, to the point where we now have many limited basic income programs up and running around the world — perhaps a dry run for a broader embrace of the policy in the coming years.

The general idea — that the government should give every citizen a regular infusion of free money with no strings attached — has been around since the 16th century. But it’s recently experienced a remarkable resurgence: Advocates ranging from tech billionaire […]

Compton to launch largest Guaranteed Income program in the nation

Compton to launch largest Guaranteed Income program in the nation

Compton Mayor Aja Brown has announced that 800 Compton residents will take part in the Compton Pledge which will provide some of the city’s most vulnerable residents with a few hundred dollars per month at no cost to the taxpayers.

“I’m honored to work with an incredible team of warriors for equity, access and justice for all,” said Brown. “We’re launching a Guaranteed Income Pilot to provide monthly cash payments to 800 Compton residents for two years.” Private donors have contributed $2.5 million to the Fund for Guaranteed Income, a charity headed by Nika Soon-Shiong, daughter of Los Angeles Times […]

California city to give 800 residents free cash in the country’s largest guaranteed income program

California city to give 800 residents free cash in the country's largest guaranteed income program

The mayor of Compton announced Monday that the California city will be giving recurring cash payments to hundreds of its low-income residents starting later this year.

The pilot program, called the Compton Pledge, guarantees cash payments between $300 and $600 to a group of 800 "pre-verified" residents each month for two years and access to free banking services. The money is available for "irregularly or informally employed residents, immigrants of varied legal status, and the formerly incarcerated," according to a statement from Mayor Aja Brown .

“I know firsthand what guaranteed income could have done for my mother," Brown said. "People […]

IDBI Federal Life Insurance introduces its Guaranteed Income Plan – A non-linked, non-participating life insurance plan

New Delhi: IDBI Federal Life Insurance, one of India’s leading private life insurance companies, today announced the launch of its IDBI Federal Life Insurance Guaranteed Income Plan, a non-linked, non-participating life insurance plan. The plan provides a combination of life insurance and guaranteed returns and offers a choice of Income and Endowment options, basis an individual’s financial needs and life goals.

The prevailing uncertain scenario and unpredictable market conditions has created a need for securing one’s hard-earned savings through a guaranteed pay-out solution, laced with protection cover. IDBI Federal Life’s Guaranteed Income Plan offers an assured guarantee to meet unpredictable […]

Compton to launch nation’s largest city-led universal basic income pilot program

Compton to launch nation’s largest city-led universal basic income pilot program

Compton Mayor Aja Lena Brown speaks to the media before a gift card give-away to 50 families in need because of the coronavirus pandemic. Each family is invited to shop at the Compton Grocery Outlet store before it opens to the public on Wednesday, April 15, 2020. (Photo by Axel Koester, Contributing Photographer) Compton is set to launch the nation’s largest city-led universal basic income pilot program later this year, officials announced Monday, Oct. 19.

About 800 low-income residents in the city of roughly 95,000 people will receive regular payments of anywhere from $300 to $600 for two years. The […]

800 Compton residents to get guaranteed income in two-year pilot program

800 Compton residents to get guaranteed income in two-year pilot program

"This is a great opportunity to address inequalities for Black and Brown people and also additional opportunities for upward mobility,” Compton Mayor Aja Brown says.(Jason Armond / Los Angeles Times) There’s a need for additional income, especially with the pandemic resulting in record high numbers of unemployment especially for Black and brown people. Here is how one city is addressing the crisis.

By ALEJANDRA REYES-VELARDE – STAFF WRITER of LA Times.

Jacqueline Andrade and her husband both lost their jobs in March, at a point during the pandemic when grocery store shelves were being ransacked and government aid seemed far […]

Compton launches nation’s largest city-led basic income pilot program – Press Telegram – Long Beach, California

Compton launches nation’s largest city-led basic income pilot program – Press Telegram – Long Beach, California

Long Beach, California 2020-10-19 16:42:24 –

Compton plans to launch the country’s largest city-led basic income pilot program later this year, officials announced on Monday, October 19.

Approximately 800 low-income earners in the city of approximately 95,000 receive regular payments ranging from $ 300 to $ 600 over a two-year period. Payments vary in frequency, but participants are notified in advance of their payment schedule so they can budget accordingly.Known as Compton Pledge, this program is funded entirely by personal donations. The guaranteed income fund has raised more than $ 2.5 million for this initiative so far, but the group hopes […]