Artificial Intelligence is a trend that is rapidly growing in this modern era, which has been spread widely amomg every individuals especially among students. While some people believe that AI replace there jobs but AI enhance our experience of employement to a extend with its natural pros and cons. This essay will discuss about the benefits & drawbacks of concept of universal basic income.
Firstly, According to Minimum wage Act all employees must be paid the minimum income as per their country pay structure. As per Legal regulations following of this act is mandatory in all organizations. The concept of universal basic income to all citizens despite of employment status creates an inequality in nation and this concept act as a great tool for reducing biasnees among individuals. The prices of all kinds of goods & services will stay standard across years.
Secondly, disscussing on drawbacks the equal income concept enhance demotivation among employees, since there is no healthy competition creates stress due to personal financial commitments of every individual. This also reduce the economic value of the country and intiate the behaviour of learning new skills among young generation.When young generation fails to upskill themselves it results in country lacking in skilled talents knowleged citizens which affect the global market. For Instance: Equal income for a employee who completed its undergraduation & a person finished its Postgraduation in specialized field with relative work experince isnt practical
Therefore concluding as, Minimum wage should be provided to all individuals according to legal regualtions but equal income to all citizens is not a practical idealogy because the drawbacks overtake the benefits. Though Automation & Artifial Intelligence rise is in its peak, there is no significant proof that it will replace human resources, because AI has to created, monitored & used by humans.Technological advancements are opportunitieswhen used wisely inspite of its threats.