Imagine if checks for $560 just started appearing every month in your mail box, no strings attached. What could you do with that extra boost? How would your life be different? That’s the question that Marjukka Turunen tried to answer as head of Finland’s Social Insurance Institution and the director of the first basic income experiment. Listen as Mel, Stef, and Marjukka discuss the benefits and challenges that come with giving money away for free.
The basic income experiment launched in January 2017 and has been paying a randomly selected group of participants a monthly basic income of 560 euros over the last two years.
The experiment was conducted with 2,000 participants between the ages of 25 and 58 years old who were chosen from a pool of 175,000 people who received basic unemployment allowance or labor market subsidy payments.
The basic income experiment concluded on December 31, 2018, with the last payments made on December 4, 2018.
Preliminary results of the experiment have been released as of February 2019, which indicate that the experiment had a positive impact on the participants happiness and well-being, but had little effect on employment.
The Finnish research team is expected to release further findings from the experiment over the course of the next year, with a comprehensive report on the entire experiment to be published in Spring 2020.