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.
Instead, transfer payments redirect income from one person to another via the government.
An increase in transfer payments in 2011 to 9% from the stated policy of 6% is expected to extend for only one year and appears to be manageable given the electric system's strong debt service coverage levels.
Transfer payments overall have maintained a fairly steady portion, growing slightly from an approximately 18 percent share of the state's total personal income during the mid-1980s to about 20 percent by 1993.
The province, meanwhile, is faced with a burgeoning deficit, income tax and transfer payment revenue shortages and escalating expenditures.
Shoppers will make their bank transfer payment to that virtual account number at their bank and because this account number will be uniquely generated each order, incoming order payments will be matched on it, thus eliminating the need to match on the reference number.
The added stimulus to the economy came mostly from falling taxes and rising transfer payments due to the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009.
Bank of <BEngland which has said that the system it uses to transfer payments between commercial banks - including for house purchases - has been hit by a technical outage
Employers should encourage trustees to reconsider their approach to defined benefit (DB) pension transfer payments in response to recent regulatory changes, says Mercer.