Finland has finally launched its long awaited experiment this week with a Universal Basic Income – an experiment that could revolutionise thinking on social security and poverty.

The experiment was launched at the start of January and will involve 2000 Finnish people between the ages of 25 and 58, who will receive a monthly basic income of €560.

The experiment will last for two years and during that time they will not be asked to account for the money.

Only people on benefits will get the money, but will continue receiving it even if they get a job.

The purpose of the experiment is to see if a basic income can help to boost employment, says the Finnish government.

Critics of a Universal Income say that its expensive and removes the incentive for people to work.

But supporters say the opposite is true – that the prospect of losing benefits stops some people from looking for a job.

A government representative said:

At present, unemployed persons may not gain any additional income even if they find work because earnings reduce social benefits. For someone receiving a basic income, there are no repercussions if they work a few days or a couple of weeks. Incidental earnings do not reduce the basic income, so working and self-employment are worthwhile no matter what. This is the key idea behind the basic income

They also released this video on their rationale

Could it get too expensive?

So far the experiment is manageable but extending it across the country could prove too expensive for Finland… unless it works beyond everyone’s expectations.

Which is why this experiment is worth keeping an eye on