Transfer Payment


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Transfer Payment

Money that a government gives to individuals, usually through a social welfare program. For example, elderly people in the United States who have paid FICA taxes for a certain number of years receive a Social Security check from the government every month. This is a transfer payment. Another type of transfer payment is money given to a state or province with the proviso that it will fund the state or province's social welfare programs. For example, under the Personal Responsibility and Work Opportunity Reconciliation Act in the United States, each state receives a certain amount of money from the federal government to fund welfare and similar programs for the poor.
References in periodicals archive ?
By integrating SEPA Direct Debit in PW Local, international businesses will now be able to effortlessly handle all euro bank transfer payments within the SEPA zone.
1% of the average number of jobs per quarter from the base run; Average number of people unemployed is 680,000 more; Sum of transfer payment decrease is $3.
The key trend in terms of personal income composition has been the steady growth in transfer payments at the expense of earnings over the past forty years.
Point i will be a point on country A's free trade offer curve after the transfer payment.
Combine that with an increase in low-income Montana families qualifying for Medicaid and generally rising costs for health services, and you get an alarming 32 percent increase in medical transfer payments in one recent four-year period.
The province, meanwhile, is faced with a burgeoning deficit, income tax and transfer payment revenue shortages and escalating expenditures.
Prior to 1999, current transfer payments to the rest of the world