Watch | 'Time is money': People in Switzerland can actually deposit their time in banks

Although most people are aware of the saying "time is money," few consider it to be a legitimate substitute for cash, and even fewer have utilised it as such.

While time used to be donated on a voluntary basis or as part of a mutual support agreement among neighbours or friends, technology has made time banking a reality.

For the first time, a huge number of individuals can track their time accurately and quickly, turning it into a money that can be banked and exchanged for desired goods and services. 

Swiss citizens can save their time and put it to better use later by depositing it in banks.The Swiss Ministry of Health created the Time Bank concept as an old-age assistance programme.

Under the 'time bank' scheme, people save time and volunteer to look after the elderly who require assistance and the number of hours they spend with or caring for seniors is deposited in their individual social security account.

When the volunteer reaches the age when he or she wants support.He or she can take advantage of the "time bank."

He or she will be looked after by a volunteer.

In 2018, a panel of the National Human Rights Commission recommended that India adopt the "time bank" scheme. 

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What is the scheme?

Time Bank is a barter system that allows people to "deposit" and "withdraw" their time based on their abilities and needs.

This ideology is both basic and noble in its vision, and it is founded on altruistic principles that date back to a simpler era. 

How does it work?

The concept of time banking is straightforward.A time-based service is provided by one individual or entity to another entity.

This service could include IT services, consultations, babysitting, hairdressing, gardening, construction, tutoring, or any other time-consuming job.

A time bank is used to track the amount of time spent providing the service.

When time-based units collect in the time bank, they can be used to buy time-based services from other people. 

Which countries have begun to implement this system?

Aside from Switzerland, the UK has adopted the 'time bank' plan, and Singapore is considering doing likewise. 

(With inputs from agencies)