Should work, if the basic wage covers basic needs, that'll encourage people to get employed once higher-paying jobs appear to get a little bonus spending money, allow people to work at whatever wage they want to, and resolve a major part of the minimum wage, welfare, and other arguments over this issue, and you would technically always have all non-retirees employed, or maybe them to a lesser degree, who could produce things.
Interestingly enough, this happens to somewhat align with FDR's great depression policies
https://en.wikipedia.org/wiki/Civilian_Conservation_CorpsBasically an expansion and rebirth of the CCC to cover everyone