FINLAND'S government is drawing up plans to scrap existing benefits and give each citizen a basic income instead.
A spokesperson for the Finnish Social Insurance Institution, known as KELA, said that each Finn could expect to receive €800 (£576) tax free every month, replacing current benefits.
According to Bloomberg, giving Finland’s 5.4 million people the basic income would cost the country €52 billion a year, while the government projects revenue of €49.1 billion for 2016.
The figure would represent a saving of more than €30 billlon, as Finland spent around 30 per cent of its GDP on welfare last year, a total of over €81.2 billion
KELA plan to precede full implementation of the project with a pilot scheme, during which some benefits would remain and the basic income payment would be €550.
According to a recent poll commissioned by KELA, 69 per cent support the basic income plan. However, most feel that the monthly figure should be raised to €1,000.
There is widespread support of the basic income due to concerns over unemployment. The unemployment rate hit a 15-year high of 11.8 per cent in May, while youth unemployment has exceeded 22 per cent.
Prime Minister Juha Sipilä has also expressed his support for the idea.
“For me, a basic income means simplifying the social security system,” he said.
The country's government is to make a final decision on the plan in November 2016.
