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Encyclopedia > Guaranteed Income Supplement

Guaranteed Income Supplement (GIS) provides additional money, in addition to the Old Age Security pension, to low-income seniors living in Canada. A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. ... Old age consists of ages nearing the average lifespan of human beings, and thus the end of the human life cycle. ...


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Guaranteed minimum income - Wikipedia, the free encyclopedia (1215 words)
It is sometimes known as a "Basic Income Guarantee (BIG)", "universal basic income", "citizen's income scheme", or just a basic income (the term "guaranteed annual income" is often used in the United States), but these systems also often include a method of paying for the income as well.
The current model of progressive income taxes used throughout the western world could be eliminated, but the system would still be progressive, since those at the lower end of the wage scale would pay less in taxes than they would receive in guaranteed income.
The introduction of a guaranteed minimum income could also see the elimination of traditional welfare, the minimum wage, much of unemployment insurance, government pensions, and benefits for the disabled and ill. This would eliminate large amounts of government bureaucracy.
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