After breaking ties with England, Barbados is in talks of implementing a new universal basic income (UBI) system. But what is it and how does it work?
UBI typically means the government guarantees that all citizens have a certain amount of money to live off of. This can come in many forms – but instead of a monthly check, Barbados is seeking to give its people a “citizen’s dividend.”
This is a form of UBI, where citizens who make under a certain amount of income receive a payment or a reverse tax credit. It might sound wild, but Barbados’ plan to help its citizens is something many countries should follow.
Barbados only recently became independent from England. As a result of a long history of exploitation, the country has struggled with extreme poverty. The pandemic didn’t help.
This guaranteed income system might not solve the problem, but it's a start.
The country is looking to revitalize and give some much needed assistance to its people. This is a great example of a country getting creative in order to invest in its own people.
More places should follow this example! A country is only as strong as its most struggling residents. Barbados is showing the world what it looks like to actually prioritize taking care of one’s own!