California working with philanthropic groups on pilot guaranteed income program

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"As people across the country struggle with global inflation, this guaranteed income pilot program provides some much-needed support and breathing room for the most vulnerable Californians," California Gov.

Gavin Newsom said in a press release announcing the state's new Guaranteed Income Pooled Fund.

The fund, a philanthropic endeavor designed to help organizations fund their guaranteed income pilot programs, will unlock more than $25 million in grants from the state and provide $600 to $1,200 per month for 1,975 Californiansprimarily former foster youth and pregnant womenfor 12 to 18 months, the San Jose Mercury News reports.

"This public-private partnership will accelerate our ability to get money to these individuals and families, showcasing Californians coming together to support one another," Newsom said in the press release.

To receive state funding, pilot project awardees must match 50% or more of the state's award.

The pooled fund includes the Sierra Health Foundation, Silicon Valley Community Foundation, California Wellness Foundation, Blue Shield of California Foundation, May and Stanley Smith Charitable Trust, and the Weingart Foundation.

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