- any payment made by a government for a purpose other than that of purchasing goods or services, as for welfare benefits.
- any money received that is neither a payment for goods or services nor investment income.
Origin of transfer payment
First recorded in 1940–45
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
- (usually plural) money received by an individual or family from the state or other body, often a pension or unemployment benefit. It is not reckoned when calculating the national income as it is money transferred rather than paid for merchandise or a service rendered
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.