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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.


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Apart from that, electronic transfer payments ensure business owners a lesser risk of thievery within the circle of employees as the same rule cannot be applied to cash payments.
Because of this, you can then turn to online transfer payments which can be made through wire or bank-to-bank account transfer, but the process also takes some time.
Harper vowed not to reduce transfer payments to the provinces during the economic crisis.
 
 
 
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