Before revision:  The author of this paper instead advocated for the continuation of existing means-tested welfare systems and further investment in education scheme for unskilled and low-skilled labour. This paper was submitted to the "Young Economist of the Year 2019" essay competition hosted by the Financial Times and the Royal Economic Society, where it won a high commendation and was one of the 36 best papers shortlisted among 1,300 qualified submissions to be honoured on the website of the Royal Economic Society (2.7\% acceptance rate). Due to the rules and policies of the Royal Economic Society, the author could only make this paper available to the public at least one year after the original date of submission .
After revision:  The author of this paper instead advocated for the continuation of existing means-tested welfare systems and further investment in education scheme for unskilled and low-skilled labor as a more sustainable and effective solution to the automation-induced large-scale displacement of workers .