Many global media outlets have been very keen on reporting about Finland's two-year test run of Universal Basic Income (UBI) ever since the trial began more than a year ago. "It rejected additional funding", said Olli Kangas, who is researcher at the Kela Institute of Social Insurance and one of the initiators of the experiment.
The head of the social affairs ministry, Liisa Siika-aho, said that at least some 50 million euros is required should officials decide to expand the trial to include other low-income groups such as freelancers, small-scale entrepreneurs and part-time workers.
At the end of 2016, Kela announced that it had chosen 2,000 unemployed people to take part in a trial which would grant them some 560 euros per month free of any obligation for two years, even if they were temporarily or permanently employed during the test period.More news: Virtu Financial LLC Grows Holdings in Boeing (BA)
However, it will not be extended after the end of the year, as the government is now exploring other ways to reform the Finnish social security system. "I regret that the experiment will not be continued, that was an interesting and useful experience", Kela's representative Olla Kangas said, as quoted by the Yle broadcaster.
Finland's unemployment rate stands at 9.2 per cent, higher than its Nordic neighbours.
Rather than expand the experiment to more jobseekers, the Finnish government has instead made a decision to let the trial expire at the end of 2018, signalling the end of the road in the Nordic nation for UBI.More news: Veere Di Wedding's trailer is here and it's definitely NSFW
'We should have had extra time and more money to achieve reliable results'.
What is the basic income experiment?
The pilot's full results will not be released until late next year, reported BBC. During the experiment, the 2,000 participants are receiving a Euro 560 monthly basic income payment, which is independent of any other income they may have and not conditional on undertaking an active search for employment.More news: (MRK) Shares Sold by The Manufacturers Life Insurance Company