Personal income is the total national income of a particular country or total GNP less payment of indirect taxes, less undistributed profits, less profits of public parastatals plus transfer payments (i.e. by government and business organizations), such as social security allowance, unemployment benefits, etc. Personal income refers to the income accruing to individuals, which can be used for paying taxes, consumption and savings. It constitutes the rewards earned by individuals due to their contribution to the productive sector of the economy.
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