Basic Income and the Three-Day Work Week

As British youth are being saddled with student debt in the hope that university fees will eventually pay off with rewarding future professions and higher salaries, the reality of the job market reveals something quite different.  Today, jobs are decreasing in many sectors, to include routine manual labour and routine administration, according to a study published by the Resolution Foundation.  However, to measure the job market purely by increase or decrease in roles will not tell the whole story here since, for example, university lecturers are being hired, however, like many other sectors, lecturers are being underemployed and underpaid with zero-hour contracts the norm in many professional sectors today.  And after the EU referendum, vacancy adverts fell by 700,000 highlighting a national crisis of unemployment across all sectors, even more pointedly dire for university educated individuals who face higher rates debt due to the paucity of jobs.  Add to this the fact that debt collectors in the UK are buying up student loans sold to private debt collection companies, a knock-on effect is created which can destroy people’s credit history and future ability to maintain financial stability and professional mobility.

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