Finland to pay unemployed basic income of USD 587 per month

Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros (USD 587), in a social experiment hoped to cut government red tape, reduce poverty and boost employment.

Olli Kangas from the Finnish government agency KELA said today



that the two-year trial with the 2,000 randomly picked citizens who receive unemployment benefits kicked off January 1.

The unemployment rate of Finland, a nation of 5.5 million, stood at 8.1 per cent in November with some 213,000 people without a job unchanged from the previous year.