Finland will provide every citizen with monthly taxfree 800 euros payment

The Finnish Social Insurance Institution (Kela) starts an experiment that would guarantee a basic income to every citizen of the small Nordic nation. This system will transform the state’s welfare system and potentially provide a blueprint for other countries looking to build a different kind of economy, Joinfo.ua reports with reference to Inhabitat.com.

Innovation suggests the replacement of all kind of social compensations, existing at the moment. It is expected, that in the pilot phase of the project, every Finnish citizen of the country will receive taxfree monthly payment of 550 euros, and subsequently – up to 800 euros. Any income earned beyond the basic income will be taxable.

Kela aims to submit its basic income proposal to the Finnish government by November 2016. The government then intends to begin the trial on a national level. The city of Utrecht in the nearby Netherlands has already begun its basic income experiment.

Basic income promises to free workers from the need to earn a living by any means necessary. With stability in one’s life, the individual is then free to pursue creative, entrepreneurial, or humanitarian causes. They are better able to maintain family and community. Thanks to progressive policymakers in Finland, the whole world will soon learn whether this promise is true.