Swiss Universal Basic Income of CHF2,500 Rejected

6 June AtoZForex, Vilnius — The idea for a Swiss universal basic income was introduced in 2013. Since the introduction of the concept, Switzerland has prepared for the referendum and last Sunday the voting took place. Making Switzerland the very first country to hold such a remarkable referendum.

Employed or unemployed, it does not make a difference if a Swiss Universal basic income would be implemented. Each adult could have received an unconditional income of $2555 on a monthly basis, which comes down to 2,500 Swiss francs. Even children would receive up to 625 Swiss francs, which equals to about $640.

Reasons for the world’s highest guaranteed basic income

According to the lead campaigners, the Swiss universal basic income offers a great number of benefits. Firstly, it would fight off poverty. Secondly, the concept will take down the current inequality in the job market, where it is difficult to find a well-paid position.

In opposing the critics of the Swiss residents will become lazy and live off on the unconditional basic income, the proponents countered that a basic income provides an unemployed resident more flexibility to choose the work that really matters. Building further, Che Wagner from the campaign group, argued before the referendum that:

“In Switzerland over 50% of total work that is done is unpaid. It’s care work, it’s at home, it’s in different communities, so that work would be more valued with a basic income.”

The concept of Swiss universal Basic income rejected

Last Sunday the referendum was held, and as expected the results of the voting showed that close to 77% rejected the plan. Only 23% of the Swiss voters backed the universal basic income.

Before the referendum, the Swiss politicians were already against the idea. In fact, none of the parliamentary parties were in favor of the universal basic income. The Swiss universal basic income would have cost the authority about 25 billion Swiss francs on an annual basis. However, the proposal gathered over 100,000 signatures, which meant that it was required to vote under the Swiss popular initiative system.

Finland proceeds with universal basic income?

Switzerland is not the only EU country that is considering the universal basic income. As earlier reported by AtoZForex, the Finnish government is currently contemplating for a pilot project, where their residents would receive a monthly income of $876.

Unlike Switzerland, where the majority of Swiss voters rejected the universal basic income, the situation in Finland is different. The unemployment rate in Finland is at the moment increasing. Hence, the recent polls indicate that the majority of the residents would be in favor of the universal basic income.

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