Swiss Government is considering a proposal to pay $2,500 per month (around Rs 1.70 lakh) to its citizens as guaranteed income, according to media reports.
Residents will vote on the proposal in a countrywide referendum on June 5, making Switzerland the first country in the world to vote for a guaranteed financial stipend for each of its citizen.
Under the proposal, initiated by a group of artists, writers and intellectuals, every adult Swiss resident will get 2,500 francs (one Swiss franc is currently equal to one dollar), regardless of employment status. Children are entitled to get $625 monthly as guaranteed stipend.
As per government's estimates, the scheme will cost the government over $200 billion per year.
The proposal has not received much support from political parties and is unlikely to go through, according to the dailymail.co.uk website. Opponents of the proposal feel that a guaranteed income would reduce people's incentive to work.
According to the World Bank, Switzerland had the fifth highest per person average income of $85,617 (annual) in the world in 2014.
(Rupee dollar rate: 1 US dollar = Rs 67.75)
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