There are two main senses to which the term” guaranteed minimum income " can be applied. The primary definition of the term relates to a social structure or theory that requires the provision of income or services to all citizens of a nation, allowing for a basic survival existence. A guaranteed minimum income is an income model used to determine the minimum amount to be paid to a worker while allowing for bonuses, tips, or commissions in some professions.
In social theory, the concept of a guaranteed minimum income is related to the belief that a government should strive to provide all citizens with basic means of survival. The means of obtaining food, clothing, housing, and other basic requirements are considered by some social philosophers to be part of the social contract between a government and its citizens. While skilled citizens are generally intended to achieve these requirements through work, the guaranteed minimum income is meant to help protect citizens who are unable to maintain a regular job, such as the elderly or disabled.
A guaranteed minimum income is often created through laws and social programs. For example, student loans allow people who do not have the opportunity to get an education to borrow enough money to get an education. Setting the minimum wage is to ensure that employees are paid fairly for their work while maintaining their income. Health insurance and retirement plans for seniors work to ensure that seniors do not stay in prison after retirement.
A guaranteed minimum income, while a noble idea, tends to be difficult to put into practical use. The cost of the programs needed to guarantee the living wage for all citizens often requires the implementation of taxes and the expansion of government mandates, which some citizens find objectionable. In some versions of the theory, qualified participants, Community Progress Administration, the Depression-era workers to receive money in order to restore or improve community infrastructure to reduce the cost of the fees for some community service or volunteer work requires you to do to help.
In terms of income models, a guaranteed minimum income is often used to attract new or entry-level employees to a particular job. The minimum income, often used in sales jobs and in the service industry, is the basic salary of an employee, which can be increased by high performance. For example, a telemarketer may have a guaranteed hourly rate of $ 11 (USD) per hour, but receives a bonus for every sale made. This model allows workers to be encouraged to perform at a high level while assuring them that they will be paid a basic wage for their work.