Finland sours on guaranteed basic income experiment

Finland sours on guaranteed basic income experiment
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[Ed. – We updated you on this back in January, when Bloomberg ran a novelistic, heartstring-pulling treatment on it.  Looks like the cold hand of reality is edging into the picture.]

The Finnish government has decided not to expand a limited trial in paying people a basic income, which has drawn much international interest.

Currently 2,000 unemployed Finns are receiving a flat monthly payment of €560 (£490; $685) as basic income. …

Finland’s two-year pilot scheme started in January 2017, making it the first European country to test an unconditional basic income. The 2,000 participants – all unemployed – were chosen randomly.

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But it will not be extended after this year, as the government is now examining other schemes for reforming the Finnish social security system. …

The challenge is to find a cost-effective system that incentivises people to work, but that does not add to income inequality, Tuulia Hakola-Uusitalo of the Finnish Finance Ministry told the BBC.

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