What basic universal income will mean for technology professionals.

Why tech companies are suddenly backing universal basic income.

UBI – The concept of universal basic income is not new but you are hearing about it more frequently nowadays because it is being supported by the largest future industry i.e. information technology sector.  The most important question that arises after observing the interest of technology sector in UBI is why? Why the tech corporations are suddenly backing the UBI concept. The answer to this question is twisted but very simple to understand.

“The tech companies are not willing to be portrayed as the economic villain.”

Technology is impacting every sector of life and humans are being replaced by technology. With the utilization of artificial intelligence (AI) and big data analysis, it is becoming easier to replace humans and it is happening right now. Just look around you and you will see how Tesla is opting for automatic vehicles and Amazon is investing in cashier-less shopping style.

Tesla and Amazon are just two examples but they are paving the way to incorporate automation in our life and other companies are following their lead. Even though humans are being replaced by technology, there is no significant outcry from the affected because the technology sector is trying to play the role of ‘Good Cop’. These companies are backing the idea that UBI is the ultimate solution to all the socio-economic problems.

Technology section is in the direct firing range when it comes to the identification of the culprits for causing unemployment. After all technology, AI, and robotics wants the smart-machines and robots to increase the productivity of manufacturing companies. To prevent any retaliation against the technology sectors, CEOs of different Tech firms are backing the concept of UBI. Universal basic income as the name indicates is the specific amount which will be disbursed by the welfare sector to the population regardless of their financial status (poor, middle-class, rich, or filthy rich).

UBI is not the solution to unemployment caused by technological advancements. The concept is flawed as you cannot decide the minimum wage enough for everyone. It can provide a relief from an immediate disaster and the workers can utilized it to invest in other skills or businesses but what about the daily expenses? Will the specified amount be sufficient for the rich? Why do the rich need the welfare money in the form of UBI anyways? Will the distribution be fair? Why UBI will be launched through replacing social welfare system? Human are paying taxes, are robot paying the equivalent taxes? How will the government earn from it?

If the so-called ambassador of UBI concept are able to answer these questions and can provide the accurate reflection of the future of UBI and its impact on the economy, it can be pursued. Till then it is better to stick to the usual payment system.