A transfer payments corresponds to a definition of redistributing money between segments of society to help those in need.
What is a transfer payments?
It corresponds to the governmental efforts of a country to help the most needy citizens by making a monetary payment where there is no exchange for goods or services. Some examples of transfer payments are:
- Unemployment Insurance
- Social Security
Therefore, a transfer payment constitutes an aid to needy citizens so that they can keep their basic needs met.
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