Switzerland voters reject unconditional basic income proposal in referendum

Posted on:07 Jun 2016 09:24:22
Switzerland voters reject unconditional basic income proposal in referendum
07 June 2016 Current Affairs: Switzerland voters on 5 June 2016 rejected an unconditional basic income (UBI) proposal in referendum.

As per the proposal, all Swiss citizens and foreigners who have been residents in Switzerland for at least 5 years are provided with the UBI irrespective of their income status.The referendum result is of significance because of its wide margin. Out of the total votes polled, nearly 77 percent were against the plan, while only 23 percent were in favour of it.

The amount to be paid was not determined before the vote, but the political-group behind the initiative suggested paying 2500 US dollars a month to each adult and 640 US dollars for each child.As per an estimate, the proposal would have cost an additional 25.62 billion US dollars on the exchequer.

The result of the referendum is of importance to policy makers across the world. The proposal for providing unconditional basic income was mooted due to growing uncertainties in the job market because of economic downturn.Supporters argued that providing such income grant would assist people in a world where good jobs with steady salaries are becoming harder to find.

However, the critics of the proposal argued that the UBI initiative would lead to sky-high costs and people quitting their jobs in large numbers.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

12 DECEMBER
NEWS
11 DECEMBER
NEWS
10 DECEMBER
NEWS
9 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS