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Tuesday, December 8, 2015

Why Finland wants to give every adult $10,000 a year

Finland is considering scrapping all welfare benefits and paying
everyone $10,000 a year instead.
The Finnish government, elected earlier this year, is planning to
introduce a tax-free monthly payment of 800 euros ($865) to all adult
Finns, regardless of income, wealth or employment status. The payment
would replace most other state benefits.
The government thinks that the move will actually save money.
Finland's welfare system is very complex and expensive to run, and the
government hopes that simplifying it could reduce costly bureaucracy.
It also argues that the change may encourage more people to look for
work. About 9.5% of Finns are currently out of work -- the highest
rate in more than a decade -- and the government believes some people
are deterred from working because they're better off on unemployment
benefit than accepting a minimum wage job.
The center-right coalition government, which was elected earlier this
year, is planning to finalize the proposal in 2016 and run a pilot
program in 2017.
The agency in charge of welfare and national social security is
currently designing the program. A trial period could see it make
payments of 550 euros a month, while still offering some additional
benefits such as housing support.
The government commissioned an opinion poll in September, which found
that 69% of Finns agree with the plan. It has not published estimates
of the costs, and did not reply to CNNMoney's request for comment.
Assuming every adult gets the payment, the program could cost between
40 billion and 50 billion euros ($54 billion) a year.
The richest would pay most of their share back in taxes, the
government said. According to Finnish media, labor unions are opposed
to the plan.

If this Finland government is planning to pay her citizen #2,000,000
per year hope is not too much for Nigeria government to pay her
citizen 5k monthly which is 60k yearly- Sixth richest oil producing
country in the world.

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