State the measures taken by the government to eradicate economie inequalities of citizens
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Answer:
Economic inequality most often refers to disparities in wealth and income. Gross annual income refers to all earnings before any deductions are that may exist in certain societies. Economic inequality is a metric that many jurisdictions and governments monitor in order to assess the impact of policy changes.
There are three main types of economic inequality:
1. Income Inequality. Income inequality is the extent to which income is distributed unevenly in a group of people. Income.
2. Pay Inequality. A person's pay is different from their income. Pay refers to payment from employment only.
3. Wealth Inequality.
The measures are taken by the government to eradicate economic inequalities of citizens,
1. Progressive taxation which taxes the rich more. Social welfare activities to benefit the poor people. Equal opportunity in the study, employment, promotion, etc of women.
2. Social spending has been shown to reduce inequality by 20 percent across OECD countries. Taxing the wealthiest in society more than the poorest directly reduces income inequality. If these taxes are invested in public services, they can further reduce inequality.
3. By introducing Minimum Wages and Universal Basic Income, the worker's laws can be reformed. This will also help to decrease the gap. UBI and minimum wages for the less fortunate have a similar motive which is to provide a regular income that can help in sustaining the individual and his/her family.