By: Dr Ajeenkya D Y Patil, President of Ajeenkya DY Patil University
Innovation in technology has had multiple repercussions; one key area has been the future of work. At the moment, in India, there are 17 mn new entrants into the workforce year on year however only 5.5 mn jobs created. This implies that people of the future will be directed to one of two options. They can either depend entirely on a new concept open to debate called ‘Universal Basic Income’ (UBI) or to acquire a combination of technical and social skills that we call ‘New Humanities’.
Universal Basic Income is a concept the idea that all adults should receive small, no-strings-attached stipends from public funds. Guardians of economic policy responsibility, such as the Organisation for Economic Cooperation and Development (OECD ) and the International Monetary Fund (IMF), have this year undertaken serious modeling of a hypothetical introduction of UBI in certain countries. Basic income experiments are underway in Finland, the Netherlands, Kenya, Canada, and the United States.
NASSCOM has identified 55 new job roles and 155 new-age skills that will be relevant for the future. 65% of children entering primary school today will end up in jobs that are completely new and don’t exist yet. Therefore people today must focus on upgrading to a set of skills that are not exclusively technology oriented, but also integrate a basic understanding of human nature. This is called ‘New Humanities.’ The future of the workplace will depend on these two primary trends, re-skilling of the new workforce and the final decision on a basic salary for survival provided the state to its citizens.