Daily Management Review

Wales to experiment with paying young people $2,000 basic income


Welsh residents who turn 18 will be receiving £1,600 each a month for two years as part of an experiment in basic income payments. Authorities hope it will help support the most vulnerable population.

Evgeniy Isaev
Evgeniy Isaev
All Welsh residents who turn 18 within 12 months will be able to take part in the basic income experiment, writes The Guardian.

It is planned that the pilot project will last at least three years, each participant will be receiving a basic income of £1,600 a month for two years starting from the month after their birthday, the newspaper writes. 

Participants in the experiment will be allowed to get a job and receive a salary while maintaining the basic income. The newspaper notes that the government hopes this measure will provide the most vulnerable segments of society with a better chance of a good life.

The experiment is scheduled to begin this summer and is considered one of the most generous in the world, The Guardian points out. The government will spend £20 million on this program: £5 million in the first and last years of the experiment and £10 million - in the second year, the BBC specifies. According to the channel, it is an approximate amount, which in the end will depend on how many people register for the program. According to a government spokesman, the basic income will be subject to the standard income tax rate of 20 percent. Officials say the payout is generally equivalent to the country's living wage, the BBC notes.

source: bbc.com