Guaranteed minimum income can refer to a social theory that all citizens receive basic means of survival or an income model used in some professions to determine a worker’s minimum pay. It can be difficult to implement due to cost and objections, but social programs like student loans and minimum wage laws help. In some versions, qualified participants may perform community service to defray costs. In income models, it is used to attract new or entry-level workers with a base salary that can be increased for high performance.
There are two main senses in which the term “guaranteed minimum income” can be applied. The primary definition of the term refers to a social construct or theory that requires that all citizens of a nation receive income or services that allow for a basic survival existence. A guaranteed minimum income is also an income model used in some professions, to determine the minimum a worker will be paid while allowing for bonuses, tips, or commissions.
In social theory, the concept of guaranteed minimum income refers to the belief that a government should strive to provide basic means of survival for all citizens. The means to obtain food, clothing, shelter, and other basic necessities are considered by some social philosophers to be part of the social contract between a government and its citizens. While citizens are generally able to obtain these needs through work, the guaranteed minimum income is intended to help cover citizens who are unable to hold regular employment, such as the elderly or disabled.
A guaranteed minimum income is often created through laws and social programs. Student loans, for example, allow people without means to borrow enough money to get an education. Setting a minimum wage protects the income of people who work by ensuring they are paid fairly for their work. Senior health and pension plans work to ensure that seniors are not lost in penury after retirement.
While a guaranteed minimum income may be a noble idea, it tends to be difficult to put to practical use. The cost of the programs needed to ensure a living wage for all citizens often requires imposing taxes and extending the government’s mandate, which some citizens find objectionable. Some versions of the theory require qualified participants to perform some community service or volunteer work to help defray the cost of their wages, in much the same way that Depression-era workers in the Works Progress Administration were paid to restore or improve infrastructure. of the community.
In terms of income models, a guaranteed minimum income is often used to attract new or entry-level workers to a specific job. Often used in sales jobs and the service industry, a minimum income is a worker’s base salary, which can be increased for high performance. A telemarketer, for example, might be guaranteed an hourly wage of $11 dollars an hour, but receive a bonus for every sale made. This model allows workers to be assured that they will receive a basic wage for their work, while encouraging high-level performance.
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