Many Singaporean undergraduates are choosing to pursue degrees that lead to stable jobs rather than following their passions. These are less pressing concerns for youth in Alaska, as they enjoy the benefits of a partial basic income programme.

Basic income is a form of welfare that gives people a certain sum of money regardless of whether they are working or not.

Imagine wanting to be a chef, and having to choose between studying at a culinary institute and applying for a business degree at SMU. Most Singaporean students will go for the latter, even if their passion is solely in culinary excellence, because the business degree provides more opportunities in the working world. With basic income however, you no longer have to worry about being gainfully employed, and can pursue your passion with a guaranteed safety net of having food on your own table.

One benefit of this is that no one will have to work jobs that they do not want. This encourages entrepreneurship and allows people to pursue their interests. At the same time, it gives them the motivation to work for additional income to enjoy better lifestyles. Simply put, it allows us to chase our dreams.

Test projects have been conducted in Canada, rural India and Namibia, and all have returned positive results. The Alaskan Permanent Fund gives a yearly pay out to all Alaskan citizens as a form of partial basic income.



UNEMPLOYMENT WENT DOWN AFTER BASIC INCOME WAS IMPLEMENTED IN NAMIBIA IN 2008

PHOTO CREDIT: BASIC INCOME GRANT COALITION, BASIC INCOME GRANT PILOT PROJECT ASSESSMENT REPORT (2009)

Why do we not have this in Singapore?

A few issues exist with basic income, most significant would be that taxes would need to be raised to fund the basic income schemes. This would reduce the likelihood of companies wishing to settle in Singapore. Furthermore the countries that have implemented this safety net are the ones who have their own natural resources to fall back upon – Norway has Statoil, Brunei has Brunei Shell Petroleum – even the Alaskan Permanent Fund relies on oil and mineral resources. Without natural resources of its own, it is a risk for Singapore to raise taxes.

However, basic income is gaining traction across the globe. In Switzerland, a referendum proposing that every citizen receives 30,000 Swiss francs (S$41,000) a year will be voted on in 2016.

This issue is becoming more relevant with the rising level of unemployment, which will only rise further as technology progresses. With more of the so-called stable jobs being taken over by machinery, job markets will become smaller and more competitive.



TRY FINDING A BUTLER'S JOB WHEN THIS GUY IS AVAILABLE

PHOTO CREDIT: RECANTHA.CO.UK

Basic income relieves poverty; it allows people to chase their dreams. Leading economists have touted it as a solution to income inequality and the problem of poverty.

Is Singapore able to borrow some ideas from countries, such as Alaska and Namibia, to take creativity and entrepreneurship to the next level? Is basic income something that we might ever be able to enjoy the benefits of?

Let us know in the comments section below!