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TOOL · GROSS COST

How much would a basic income cost in Jamaica?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Adult population 2,296,418child population 543,368year 2023World Bank WDI

GROSS ANNUAL COST

24,654 million

in JMDJMD 24,653,779,200

Equal to 0.7% of reference GDP

Population covered: 2,839,786 people

Adults: 2,296,418 × JMD 800 × 12 = JMD 22,045,612,800

Children: 543,368 × JMD 400 × 12 = JMD 2,608,166,400

JMD 22,045,612,800 + JMD 2,608,166,400 = JMD 24,653,779,200

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $21,418,797,833 · World Bank WDI

Currency JMD · exchange rate 154.1588 JMD/USD (2023)

Converted cost $159,924,588 for the GDP share.