Artificial Intelligence (AI) is rapidly changing the way we work. It has many benefits, but it also poses a threat to millions of jobs. AI tools are outperforming humans in areas like coding, teaching, customer support and journalism. According to a 2023 report by Goldman Sachs, AI could impact around 300 million jobs worldwide. This includes jobs such as marketing, financial analysis, radiology, teaching and journalism.
Today, models like ChatGPT are outperforming developers in programming tests. Tools like Sora, Runway, and Google VEO 3 can create entire videos from just text. AI is also doing tasks like video editing, voiceover and email drafting easily. If your work depends on words, data, or patterns, AI will likely be able to do it faster, cheaper, and probably better.
This is why discussions about UBI (Universal Basic Income) are increasing. UBI is a system in which the government provides a fixed amount at regular intervals to every citizen, whether rich or poor, employed or not. Its objective is to ensure basic needs like food, shelter and healthcare.
The uniqueness of UBI is that it is universal, that is, everyone gets its benefits. Moreover, it does not require any eligibility. Everyone gets these benefits. This is a regular system, meaning you receive money from time to time.
Big tech giants believe that UBI is the solution to the big changes brought about by AI. Sam Altman (CEO of OpenAI) funded a study in 2016 that gave low-income individuals $1,000 per month for three years. The results found that people spent most of their money on essentials and worked less. Elon Musk (CEO of Tesla) has been a long-time supporter of UBI. He believes that when AI takes control of a large part of production, the benefits should be distributed among humans.
Marc Benioff (CEO of SalesForce) said that half of his company’s work is now done by AI. He says that as machines are taking over jobs, UBI will be helpful not only to the unemployed, but also to those raising children and providing unpaid services.
UBI has been used in Finland, Canada, and some cities in the United States. Initial results show that it increases people’s financial security and reduces stress without making them lazy. However, it is difficult to implement on a large scale. That is why governments are working on CBDC (Central Bank Digital Currency). It is a digital currency that can be controlled by the government. For example, UBI funds may be prevented from being spent on alcohol, luxury items or air tickets.
India has also launched a digital rupee (CBDC). It is similar to the standard rupee, just in digital form. It can be used like cash and can also be exchanged into a bank account. UBI is not an entirely new idea in India, but as AI and automation continue to impact the country’s jobs, it may gain more popularity. The biggest question is who will finance it and how much control they will have over it. Tech giants agree that UBI is a necessity for the future, but there are still many challenges in its path.
