What Is Universal Basic Income (UBI) And Why Tech Billionaires Say It Could Solve AI Job Losses
Universal Basic Income (UBI) is gaining global attention as AI threatens millions of jobs. Tech leaders like Elon Musk, Sam Altman, and Marc Benioff back the idea, seeing it as a safety net for the AI-driven future.
Tech leaders are backing Universal Basic Income (UBI) as a solution to job losses caused by Artificial Intelligence.
Artificial Intelligence (AI) is rapidly transforming industries — from coding and teaching to journalism and healthcare. While this technological leap boosts efficiency, it also raises one of the biggest concerns of our time: job loss. Global reports suggest that millions of jobs could be displaced as AI tools take over tasks once done by humans. To address this challenge, several tech leaders are rallying behind the idea of Universal Basic Income (UBI).
What Is UBI?
Universal Basic Income (UBI) is a system in which every citizen receives a fixed amount of money at regular intervals from the government, with no conditions attached. Unlike welfare schemes that require eligibility checks, UBI is:
- Universal – given to all citizens
- Unconditional – no restrictions on who qualifies
- Individual – paid directly to each person
- Periodic – provided regularly
The purpose is simple: ensure that everyone has enough to cover essential needs such as food, housing, and healthcare.
Why Tech Leaders Support UBI
Prominent names in the tech world see UBI as a safeguard against AI-driven job disruptions.
- Sam Altman (OpenAI CEO): Funded a pilot study in 2016 where low-income individuals received $1,000 per month for three years. Results showed people mainly used it for basic needs and reported reduced stress.
- Elon Musk (Tesla CEO): Advocates for what he calls "universal high income," suggesting that as AI takes over production, wealth should be shared with people. He envisions a future of prosperity — or a dystopian risk if mismanaged.
- Marc Benioff (Salesforce CEO): With nearly half of Salesforce’s work now handled by AI, he argues that UBI can support not just displaced workers but also caregivers and volunteers whose contributions often go unpaid.
Global Trials And Challenges
Countries like Finland and Canada, along with some U.S. cities, have already tested UBI schemes. Early findings show that it improves financial security and reduces stress, without making people “lazy.”
However, large-scale implementation remains complex. Governments are now exploring Central Bank Digital Currencies (CBDCs) as a possible delivery mechanism. These digital currencies could be used to distribute UBI but may come with spending restrictions on luxury goods or non-essential items.
What It Means For India
India is also moving toward digital currency with the Digital Rupee, introduced by the Reserve Bank of India (RBI). While it currently functions like regular cash in digital form, experts believe it could one day support UBI payments if the idea gains momentum.
With AI and automation expected to reshape the Indian job market, discussions around UBI are likely to intensify. The big unanswered questions remain: Who will fund it? How much control will governments exercise over its use?
For now, while tech billionaires insist UBI is key to a sustainable AI future, the global debate is far from settled.
