Re:Basic income in Finland did not lead to finding work, res...
by dragonwriter on Friday February 08, 2019 @06:13PM
(#19119552)
> The original premise of social security was pay in money as you work, get it out when you're old.
No, the premise was always “pay taxes when working, receive benefits based on a formula driven by qualified earnings, with both pre- and post-retirement adjustment factors.” It has never been an investment vehicle with individual accounts, you aren't paying in and getting your money out with investment returns or matching or whatever.
(That said, because it's not a traditional means tested benefit but time-delayed inverse means tested one, it doesn't really make sense to replace it with UBI.)
No, the premise was always “pay taxes when working, receive benefits based on a formula driven by qualified earnings, with both pre- and post-retirement adjustment factors.” It has never been an investment vehicle with individual accounts, you aren't paying in and getting your money out with investment returns or matching or whatever.
(That said, because it's not a traditional means tested benefit but time-delayed inverse means tested one, it doesn't really make sense to replace it with UBI.)