📍PERSONAL INCOME
🔸It is the sum of all the income received by the people of the country in one year.
Personal Income = National Income + Transfer payments – Undisclosed profits of corporate + Payment for social security provisions
🔸Transfer Payments are the payments that are not against any productive work. (Example- Old Age Pension, Unemployment compensation etc.)
🔸Social Security Provisions- Payment made by employees towards PF, Insurance etc.
🔸It is the sum of all the income received by the people of the country in one year.
Personal Income = National Income + Transfer payments – Undisclosed profits of corporate + Payment for social security provisions
🔸Transfer Payments are the payments that are not against any productive work. (Example- Old Age Pension, Unemployment compensation etc.)
🔸Social Security Provisions- Payment made by employees towards PF, Insurance etc.