Home Finance Universal Basic Income Payments: $500 Monthly Payments To Arrive Soon

Universal Basic Income Payments: $500 Monthly Payments To Arrive Soon

Few Americans will receive $500 monthly UBI payments. Sixty beneficiaries will receive the payments in March 2022. Around 1,100 individuals in Philadephia will apply for the benefits. The applicants have been receiving federal benefits for the last five years.

The US Sun reports that some eligible households will receive $1,000 monthly payments under a guaranteed income pilot program. The deadline for application has passed. The income program will benefit California adults. The reports state that merely 25 beneficiaries will receive $1,000 per month. The government has announced $17,000 for the selected individuals.

UBI scheme is available across states

The Universal Basic Income is available in several US states. Residents in various states need to check their eligibility. The government provides financial support to families. However, only a few families will receive federal aid.

The US Sun reports that nearly 163 million professionals in the US received UBI in 2012.

The government provided $12,490 to each beneficiary; the total UBI cost in 2012 was $2.04 trillion. The reports suggest that removing redundant social programs will reduce the cost. However, reports indicate that this measure will increase the national debt.

California students might receive monthly help

The US Sun reports that low-income California students might receive $500 a month after approval of the guaranteed basic income scheme. The government will provide a financial cushion to the struggling families.

The Los Angeles Times reports that Sen Dave Cortese will introduce legislation to provide monthly stipends to students from low-income families; this program will help the students with the education expenses. The program will offer help to the state’s poorest 20 percent earners. The data shows that 14,000 students are eligible for the benefits. Students need to track their progress and apply for benefits timely.

UBI programs have several drawbacks

Citizens can apply for UBI programs through the respective state or city government websites; they need to provide complete income information during application. The UBI programs have several flip sides; they seize money from low-income families to distribute. Several professionals face financial difficulty due to the stiff nature of the UBI programs. These programs lead to labor deficits and economic unrest.