Research predicts that industrial automation will eat away 20 million jobs by 2030 around the world. Due to the fourth industrial revolution, the demand for the skillset in labour is going through a transformation. If technological advancement continues without preventive measures, a lot of degrees taught in academic institutions will slowly become redundant.

Many industry pioneers like Bill Gates have suggested that imposing higher taxes on companies which use automation will decrease this emerging problem. Other figures like 2020 Democratic presidential candidate Andrew Yang are looking to implement a universal basic income system—a form of social security that guarantees a certain amount of fund to every citizen within a given population, without needing to pass a test or fulfil work requirements. However, this proposal is highly debatable as many economists are claiming that this would cause the bond market to suffer.

Simply put, automation and artificial intelligence are threatening jobs, but technology should work for us, not against us. It’s time global political and corporate leaders came together to devise all-inclusive solutions.

Shamsuzzaman, East West University