'Time is money' is a well-known saying across all countries. People have utilised their extra time to pursue their hobbies or volunteer for social services for centuries. However, advancing technology has made time banking a reality in the contemporary world. For the first time, people can track their time accurately and quickly and turn it into money that can be banked and exchanged for desired goods and services. Swiss citizens can now save their time and deposit it in their banks. The Swiss Ministry of Health has created a time-bank concept to assist senior citizens in the country.
How Does The Time-Bank System Work?
Under the time bank scheme of the Swiss government, people can save time and look for senior citizens or anyone who requires assistance. The number of they spend providing care is deposited in their social security account, WION reported. Moreover, when the volunteer reaches the age when they would require maintenance, their time-bank would come to their aid and be looked after by a volunteer. In 2018, the National Human Rights Commission that India also adopted the time-bank scheme. In 2019, Madhya Pradesh had announced to become the first state in the country to adopt a time-bank scheme. The officials had said that the reciprocity-based system would encourage people to help one another and get paid in kind for the hours one might have worked.
How Many Countries Have Adopted The Time-Bank Scheme?
The timebank is a barter system that would allow people to deposit and withdraw time as per their needs and abilities. The volunteer services include everything under the sun, for instance, IT services, consultations, babysitting, hairdressing, gardening, construction, tutoring, or any other time-consuming job. Consequently, when time-based units are collected in the time bank, they could buy time-based services from other people. Apart from Switzerland, the United Kingdom has also adopted the time-bank plan, and Singapore is thinking on similar lines.