Latest news with #UniversalBasicIncome
Economic Times
3 days ago
- Business
- Economic Times
AI doom countdown begins: Ex-Google exec warns AI will unleash hell, to wipe out white-collar jobs by 2027
Former Google executive Mo Gawdat warns that artificial intelligence will trigger significant job losses, particularly in white-collar sectors, starting around 2027. He predicts a challenging period before AI potentially leads to a utopian future, emphasizing the urgent need for regulations and initiatives like Universal Basic Income to mitigate inequality and social unrest. Tired of too many ads? Remove Ads AI will kill white-collar jobs, not just factory work Tired of too many ads? Remove Ads Gawdat says AI may lead to better future—but only if we act now Experts agree: AI could cause huge job losses and inequality FAQs Big warning from former Google executive Mo Gawdat – He said artificial intelligence (AI) will cause massive job losses and big problems for society starting in 2027. Gawdat called the next 15 years 'hell' before any good times came, as per The Diary was once the Chief Business Officer at Google X and now runs a startup called which uses AI for emotional and relationship support. He said only 3 people run now, but earlier it would have taken 350 developers. That's how powerful AI has become, as stated by a Business Insider even said podcasters like the one he spoke to will be replaced by AI too. Gawdat warned that white-collar jobs — like office workers, analysts, lawyers, even coders — will start disappearing by the late 2020s. He said middle-class workers will be hit hard, unlike past revolutions that mostly affected manual laborers, as per the New York Times who became a millionaire at 29, said AI will create huge inequality unless it's regulated properly. He warned that the rich (top 0.1%) will get richer, and everyone else will struggle — 'There is no middle class…you're a peasant.' The social impact will be serious — people will feel lost, more lonely, and mental health issues will said a "utopia" could come after 2040, when humans are free from boring, repetitive work. In that future, people might focus more on love, community, and spirituality instead of just money and buying things. But he stressed that governments and businesses need to act now, with ideas like Universal Basic Income (UBI), to help people during the said the future depends on how we regulate AI, give fair access, and add moral values into AI systems. 'Our last hurrah as a species' could be how we choose to humanize and adapt to this AI world, Gawdat said, according to the report by New York warnings are backed by other big names — Anthropic CEO Dario Amodei said there could be a 'white-collar bloodbath' soon. He said half of entry-level office jobs may vanish within 5 years, as stated by Business Insider World Economic Forum says 40% of employers plan to cut jobs due to AI. Harvard researchers estimate that 35% of office work is now easy for AI to do. Job cuts are already happening – Challenger, Gray & Christmas says over 27,000 layoffs since 2023 were because of AI, as per the report by New York Sachs and McKinsey say AI could add trillions to global GDP, but… the IMF warns this will make inequality worse if not handled right. MIT and PwC analysts also fear wage crashes, job loss, and social unrest if governments don't act fast, according to the report by Business is expected to begin replacing many white-collar jobs by the late 2020s, around can support workers by creating policies like Universal Basic Income (UBI) and regulating AI fairly.
Time of India
3 days ago
- Business
- Time of India
AI doom countdown begins: Ex-Google exec warns AI will unleash hell, to wipe out white-collar jobs by 2027
AI will kill white-collar jobs, not just factory work Live Events Gawdat says AI may lead to better future—but only if we act now Experts agree: AI could cause huge job losses and inequality FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Big warning from former Google executive Mo Gawdat – He said artificial intelligence (AI) will cause massive job losses and big problems for society starting in 2027. Gawdat called the next 15 years 'hell' before any good times came, as per The Diary was once the Chief Business Officer at Google X and now runs a startup called which uses AI for emotional and relationship support. He said only 3 people run now, but earlier it would have taken 350 developers. That's how powerful AI has become, as stated by a Business Insider even said podcasters like the one he spoke to will be replaced by AI too. Gawdat warned that white-collar jobs — like office workers, analysts, lawyers, even coders — will start disappearing by the late 2020s. He said middle-class workers will be hit hard, unlike past revolutions that mostly affected manual laborers, as per the New York Times who became a millionaire at 29, said AI will create huge inequality unless it's regulated properly. He warned that the rich (top 0.1%) will get richer, and everyone else will struggle — 'There is no middle class…you're a peasant.' The social impact will be serious — people will feel lost, more lonely, and mental health issues will said a "utopia" could come after 2040, when humans are free from boring, repetitive work. In that future, people might focus more on love, community, and spirituality instead of just money and buying things. But he stressed that governments and businesses need to act now, with ideas like Universal Basic Income (UBI), to help people during the said the future depends on how we regulate AI, give fair access, and add moral values into AI systems. 'Our last hurrah as a species' could be how we choose to humanize and adapt to this AI world, Gawdat said, according to the report by New York warnings are backed by other big names — Anthropic CEO Dario Amodei said there could be a 'white-collar bloodbath' soon. He said half of entry-level office jobs may vanish within 5 years, as stated by Business Insider World Economic Forum says 40% of employers plan to cut jobs due to AI. Harvard researchers estimate that 35% of office work is now easy for AI to do. Job cuts are already happening – Challenger, Gray & Christmas says over 27,000 layoffs since 2023 were because of AI, as per the report by New York Sachs and McKinsey say AI could add trillions to global GDP, but… the IMF warns this will make inequality worse if not handled right. MIT and PwC analysts also fear wage crashes, job loss, and social unrest if governments don't act fast, according to the report by Business is expected to begin replacing many white-collar jobs by the late 2020s, around can support workers by creating policies like Universal Basic Income (UBI) and regulating AI fairly.
The Star
27-07-2025
- Business
- The Star
‘Cut red tape, let business grow'
13MP must clear the way for private sector growth, say economists PETALING JAYA: The 13th Malaysia Plan (13MP) must help steer the country's transition towards becoming a high income nation by 2030 with emphasis on greater private sector participation and less bureaucratic red tape, say economists. Sunway University economics professor Dr Yeah Kim Leng is of the view that the 13MP must be in tune with the World Bank's definition of a high-income nation. 'It is important to accelerate economic growth so that the income gap with other high-income countries continues to narrow. 'The plans must also include pressing ahead with the required educational, health, infrastructural and environmental development that underpin a dynamic and resilient economy,' he said in an interview. The 13MP, which is to be unveiled in Parliament on Thursday, will chart a strategic road map for the nation's economy for the next five years. The plan, said Dr Yeah, should also contain mechanisms and policies to help Malaysia shift towards a value added technology and innovation-driven economy where private sector participation is crucial. 'There is also a need for policies to increase revenue mobilisation to keep abreast of the need for higher government spending while simultaneously raising spending efficiency and service delivery effectiveness. 'This can be achieved through digitalisation and technology adoption, especially the use of artificial intelligence.' The economic roadmap, he noted, must include the streamlining and restructuring of government linked companies and state-owned enterprises. 'This will help unlock the country's full economic potential through stronger investment, entrepreneurship and private sector-led growth,' he added. Economist Geoffrey Williams said the 13MP should focus on reducing the role and interference of government in existing business and commercial areas and leaving these to the private sector. 'The government should focus on areas that are the direct legitimate concern of government, including public health, education and social protection. 'Regulations should be slashed and focused only on minimum standards of health and safety, anti-corruption, good governance and anti-trust issues,' he said. The 13MP, he added, must take into account social issues, with the creation of sustainable living income levels in the form of a Universal Basic Income and a Universal Basic Pension. 'These must support policies to raise incomes through meaningful work with a fair share of value created going to employees. 'Free higher education should be a priority through the reform of the higher education system and replacing National Higher Education Fund Corporation loans with a sustainable financial system,' said Williams. The recent changes in the global economic landscape is also a factor that should be addressed under the MP13, he pointed out. 'The United States tariff issue has given us a lesson that protectionist policies come with reciprocal costs. 'So removing restrictions to market access should be a priority for 13MP,' he said. Economist Prof Emeritus Barjoyai Bardai said over-reliance on a purely capitalistic approach with regards to foreign direct investment has resulted in less than 200,000 companies controlling over 80% of the economy. He said there should be a shift towards developing the nation's micro-small and medium enterprises (MSMEs) which make up 65% of the nation's manpower or some three-million workers. The 13MP, he said, must also ensure the development of the nation's semi-conductor industry, which currently ranks seventh globally. Strategic Institute for Asia Pacific senior economic advisor Dr Anthony Dass said the 13MP must shift from the post Covid-19 recovery period to one of economic transformation to drive high-value growth, particularly in the digital and green economy. This, he said, must be coupled by inclusive development and fiscal reform, adding that efforts must also be carried out to boost high-tech investment while accelerating upskilling and technical and vocational education and training.
Newsweek
27-07-2025
- Business
- Newsweek
Countries Testing a Universal Basic Income in 2025
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. As global wealth inequality deepens and automation threatens to usher in a new form of technology-driven unemployment, many nations, from the wealthy and industrialized to the still-developing, are providing a basic and unconditional financial floor for some of their citizens. Although no country has fully implemented a nationwide Universal Basic Income (UBI) plan as of July 2025, some continue to experiment with pilot programs or targeted, UBI-like versions known as Guaranteed Basic Income (GBI) to address either country-specific or universal issues. These vary in monetary sums, recipients, and intended purposes, but could all lay the groundwork for more widespread adoption in the future, softening the novelty of basic income programs and providing clarity on the fiscal implications of such radical alternatives to traditional welfare models. What Issues Could a Basic Income Solve? According to experts who spoke with Newsweek, beyond alleviating poverty and providing economic stability to those currently underserved by their respective welfare systems, basic income programs would allow citizens to allot their time to other priorities beyond labor. "The social safety net today is still not very safe," Rob Hartley, a professor at the Columbia School of Social Work, told Newsweek. "An income guarantee could provide a real floor to help families get by." Photo-illustration by Newsweek/Getty "The fundamental issue is ensuring everyone has secure access to enough money to live with dignity, without having to constantly demonstrate that they 'deserve' support," said Canadian health economist and basic income scholar Evelyn Forget. Juliana Bidadanure, the founder of Stanford University's Basic Income Lab, said that unconditional cash transfers would eliminate the costly and time-consuming process of means-testing welfare eligibility. "That suppresses bureaucratically burdensome eligibility tests and protects individuals in poverty from being subject to the discretionary power of state agents," Bidadanure said. "It implements a real right to live free from abject poverty, no questions asked, no paperwork filed." Which Countries Are Testing Basic Income Plans in 2025? According to Stanford's Basic Income Lab, dozens of UBI or GBI programs are currently being implemented across the globe. While primarily in the United States, cities in Africa, Asia, and Europe are trialing the option as a potential solution to gaps in social protection. Basic Income for Farmers, South Korea This new targeted initiative is directed at farmers and fishermen in 24 cities and counties of Gyeonggi Province. Applications can be submitted twice a year, and if successful, some recipients will receive 1.8 million won annually ($1,312), while others will receive 50,000 won monthly. The total number of recipients is estimated to be 210,000, according to the agribusiness data hub Tridge. A 71-year-old local fisherman poses at a port on Baekryeong Island, South Korea, on October 28, 2022. A 71-year-old local fisherman poses at a port on Baekryeong Island, South Korea, on October 28, 2022. Anthony Wallace/AFP via Getty Images This follows several similar programs launched in Korea, such as the Seoul Stepping Stone Project, which ended earlier this year. Analysis of the second-year results conducted by the Seoul Metropolitan Government found that the initiative, which provided targeted support to families earning less than 85 percent of the median income, found that 8.6 percent of participating households surpassed this threshold, with 31 percent seeing an increase in earned income. Basic Income Pilot for Care Leavers, Wales, United Kingdom The Welsh government is conducting a three-year trial that provides a basic income for young people who have spent time in the foster care system. Participants receive £1,600 ($2,166) before tax monthly for up to two years following their 18th birthday. The pilot began in July 2022 and is scheduled to conclude in November 2026. As of April, over 600 people had taken part in the pilot. According to mid-trial findings from the study published by the government earlier this year, the guaranteed income allowed participants to lead more balanced personal lives and pursue educational opportunities, with many reporting improved mental health. However, some professionals consulted as part of the analysis expressed concern that 18 was too young to receive such a generous basic income, and that this could deter them from pursuing employment. Cash Transfers for Women, India Several initiatives providing unconditional cash transfers to women are ongoing across India, allowing them to cover basic costs and pursue financial independence. States like Tamil Nadu and Jharkhand have implemented such programs, with payments in the largest programs ranging from 1,000 rupees to 2,500, or between roughly $12 and $30. In March, Delhi Chief Minister Rekha Gupta announced that the local government approved a 2,500-rupee monthly allowance for eligible women, according to an article in The Indian Express. A study by the Delhi-based think tank Observer Research Foundation found that these can reduce women's unpaid workloads, contribute to food security and household well-being, while "enhancing women's empowerment." The report concluded that these had "strengthened the case for the provision of Universal Basic Income" in India. The Future of Universal Basic Income While similar studies are ongoing globally, numerous barriers exist to their adoption and successful implementation. Evelyn Forget questioned whether the results of such regional studies could be scaled up to predict national-level outcomes. "I have my doubts, frankly, that the statistical robustness exists," she told Newsweek, adding that the results of these often generate "stories" and "narratives" rather than actionable data. However, she said that many programs are scalable, and shed light on what other welfare systems would need to be in place alongside a basic income. Those opposed to universal cash transfers often argue that significant public spending and tax increases would be required to fund these programs, while also pointing to potential inflationary effects that could reduce the "real" value of the received payments. This is in addition to the stigma associated with a government providing its citizens unconditional "freebies." Despite their projected or proven benefits, fiscal and political concerns may continue to slow or even prevent the widespread adoption of UBI and GBI programs in the near future.
The Diplomat
21-07-2025
- Business
- The Diplomat
Could Thailand's Cash Handout Scheme Have Worked?
One of the consequences of the Pheu Thai party's implosion is that its signature cash handout scheme will go down with it. Granted, the program was already approaching rigor mortis before Prime Minister Paetongtarn Shinawatra got herself, her dynasty, and her party (and Thai politics) into a hot mess by running her mouth to a foreign leader. The first tranche was delivered to welfare cardholders and people with disabilities last September, and a second tranche to the elderly in January, but the bulk of the funds for most Thais has been scrapped, with Bangkok blaming Trump's tariffs, although more likely because the first two tranches did little to stimulate the economy through consumption, the entire point of the project. (Phase 3 would have given money to 16-20 year olds, and Phase 4 to 21-59 year olds). Personally, I always thought the handout scheme was a good idea, but one unlikely to work given the mechanism, timing, and who was in charge. I don't think it would be a particularly controversial statement to say that Pheu Thai, and especially prime ministers Srettha Thavisin and Paetongtarn Shinawatra, were woeful articulators who couldn't explain why the scheme was necessary and what it intended to achieve. Srettha might have been a competent bureaucrat, but he was an appalling salesman. Likewise, Paetongtarn inspired little trust that she knew what she was doing, let alone in managing an unprecedented redistribution of state money. Recent surveys suggest that most Thais would still prefer the Phase 3 and Phase 4 handouts to proceed, but this is only around the 60 percent mark, which one might have expected to be higher when essentially they're being given money for free. The biggest problem, though, involved the matter of distribution. The purpose of the scheme was essentially a stimulus package to promote consumption in the most immediate and (although never stated) frivolous ways. The government wanted people to spend it on washing machines, clothes, food, household repairs, etc. The sort of consumption you'd do if you won a small sum in the lottery, for instance. This was sensible. The Thai economy had been lagging behind for several years due to the COVID-19 pandemic, and many sectors of the economy (mainly local businesses) needed an injection of capital. Moreover, domestic consumption rates have been worryingly low in Thailand for some time, and there will be an ever bigger need for domestic consumption as the population ages (for several complex reasons). While agnostic on ideas like Universal Basic Income, I am strongly in favor of a national dividend and have been since I first read Thomas Paine's Agrarian Justice (1797), which argues that all landowners should pay a ground rent that will be distributed as a dividend to each citizen upon reaching maturity. However, the mechanism for redistribution matters. It makes sense, for instance, that social benefits to the poor or unemployed are delivered in the form of cash or bank transfers (fiat currency, in other words), since, in an ideal world, while most of that money will be spent, a fraction of it will be saved. However, if you have a citizens' dividend scheme solely intended to boost consumption (like Thailand's), it makes less sense to deliver it in the form of hard currency. Firstly, that's because people could simply keep the money in their accounts, rather than spend it. Secondly, one of the obvious problems anyone could see before the scheme was enacted is that people could use the money to pay off debt. This meant the stimulus scheme largely became a transfer of wealth from the state to the banking sector. ('The impact of the handouts and the stimulus was less than we had expected,' central bank governor Sethaput Suthiwartnarueput told Reuters in January. 'The handouts that went out sometimes were used to pay down debt and whatnot, so you didn't see that translation into consumption.') Had the Pheu Thai party asked, I would have suggested they distribute the sums in the form of digital gift cards with relatively short expiration dates and which could only be spent at select shops. This would have required recipients to spend the money on consumption (rather than paying off debt or putting it into savings); it would have forced people to spend the money at specific places (local shops) that the government wanted to support; and it would have compelled people to spend the money relatively quickly (meaning central economists could see some bang for the buck, thus disproving the naysayers). Perhaps most importantly, a gift card would have had a novelty factor. It always seemed reductionist to have had the rather radical idea of transmitting $14 billion from the state to its citizens, yet to have decided that the mechanism by which this will be done is so utterly dull. People checked their phones and saw an extra 10,000 baht appear in their ledger or were simply given cash. In other words, like any other transaction. Ideally, the government should have made this dividend transfer as unlike a normal transaction as possible. Perhaps the government shouldn't have even given everyone the same amount of money! You could have randomly allocated payments of 8,000 baht, 9,000 baht, and 10,000 baht. If you only received 8,000 baht and were a little pissed off, maybe you'd have had more reason to go out that afternoon and splurge it on a purchase. And if you were lucky to get 10,000 baht, then spending 2,000 baht on something you might not have bought previously would have seemed like a free shot. In the end, the digital wallet mechanism was rational and relatively straightforward, as Pheu Thai would surely have been advised, yet sometimes an intuitive idea (giving people some money to spend) needs an unintuitive means of delivery.
