An exploratory study of basic income fidelity index

Abstract

AbstractThere is growing interest in adopting basic income as a new social protection policy in many countries. South Korea is no exception. There have been heated discussions on the benefits and costs of adopting basic income as a universal income support program among policy makers and academics in South Korea. However, one of the problems in the discourse of basic income discussion in South Korea has been a lack of clear definition of basic income. In this study, we develop a basic income fidelity index (BIFI) that can be applied to basic income programs to show how fully a program fits to the basic income concept. Such an index can be useful in making the terminologies and concepts of basic income clearer. We test feasibility of BIFI by applying it to four different case examples of basic income; Alaska Permanent Fund, UK Child Trust Fund, Switzerland’s Basic Income Plan, and Finland’s Basic Income Experiment. We show BIFI can be a useful tool to differentiate various types of basic income. It can be also used to identify strengths and weaknesses of a basic income scheme.