Tax Glossary Definition
Welfare refers to government-provided economic assistance designed to support individuals or groups who meet specific eligibility criteria, usually based on income level, employment status, or family size. Welfare programs aim to ensure that people who are unable to fully support themselves can still meet basic needs.
Key Features Purpose: To provide financial support and improve the well-being of individuals facing economic hardship.
Forms of Assistance: Food stamps or food subsidy Healthcare assistance Unemployment benefits Housing support Cash transfers Funding: Generally financed through tax revenue.
Eligibility: Determined by factors such as income, household size, age, disability, and employment status.
Payment Frequency: Benefits are often disbursed monthly or biweekly.
Objectives of Welfare Programs Reduce poverty Support basic living standards Promote employment and education Improve overall quality of life Provide temporary relief during emergencies or economic downturns
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