GMI, also known as Guaranteed Minimum Income, is a social security concept that refers to a government's unconditional provision of a certain level of income to its citizens. GMI is an economic policy designed to address poverty, inequality, and ensure a basic living standard for all individuals within a society.
Under GMI, a fixed amount of income is guaranteed to every citizen, regardless of their employment status, age, or financial situation. It aims to create a safety net that ensures no one falls below a specified income threshold. The amount provided as GMI may vary depending on factors such as the cost of living in a particular region or the personal circumstances of the individual.
The implementation of GMI involves redistributive policies where the funds required for providing this income are collected through taxation or other revenue-generating mechanisms. GMI is often advocated as an alternative to traditional welfare systems, seeking to simplify bureaucracy and reduce administrative costs while providing people with the financial means to meet their basic needs.
Advocates argue that GMI can reduce poverty rates, enhance social inclusion, and provide individuals with a sense of security and dignity. Critics, on the other hand, raise concerns about the potential disincentive it may create for work and the financial burden it could place on the government.
Overall, GMI is a policy approach aimed at providing a guaranteed income to individuals, with the overarching goal of promoting social welfare, reducing inequality, and ensuring a basic standard of living for all citizens.
