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  • Finland is winding down its experiment with universal basic income.

  • In case you're not familiar, universal basic income is a government program that gives

  • citizens a set amount of money each month, no strings attached.

  • Finland currently provides around $685 a month to about 2,000 randomly chosen unemployed

  • Finnish people.

  • Although Finland has a pretty large safety net for out-of-work people, even getting a

  • part-time job could cost someone their benefits under the current system.

  • The idea is that universal basic income would make up for some of those lost benefits and

  • allow people to keep working.

  • The Finnish social security office was hoping to expand the program this year, but the government

  • instead decided to end it in January 2019.

  • A new welfare strategy in the country is partly to blame for the program being discontinued.

  • But a recent think tank study also found the country's income tax would have to increase

  • by almost 30 percent to fund basic income in Finland.

Finland is winding down its experiment with universal basic income.

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