How would a universal basic income affect the business world?

A Financial Times film on UBI (universal basic income), gave me a clearer view on how why it is not used in the current society we live in and how unorthodox it is. As much at it seems good to us as students that do struggle with rent, tuition as well as everyday supplies. UBI could bring unsuitability within the business world.

The universal basic income was an idea to fight against a high Gini coefficient which is a statistical measure to identify the gap between the rich and poor as well as seeing which groups contribute more to the GNI of a country.

Productivity is my main concern if UBI would be put into place, as there is a possibility that employees and workers may lack more and decrease in the overall productivity of a business, due to the comfort zone and buffer the universal basic income gives. This could result in a drastic Profit made by a company.

However, taking the other side of this argument we can say that this will lower the chances that employees go against their employers intern increasing productivity and overall employee satisfaction and happiness.

To say UBI is a 100% beneficial wouldn’t be realistic as there still many uncertainties that lay head of its path and we do not yet know whether this would come out positively or negatively towards the business world.

However in my opinion, I believe that UBI shouldn’t be ignored as solution to help job satisfaction and potentially replacing pensions. As a means to reduce the costs for the government make the universal basic income more generous and so more effective.

References:

Film directed Josh de la Mare, Financial Times, 20th December 2021
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