Etymology
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welfare (n.)

c. 1300, from Old English wel faran "condition of being or doing well," from wel (see well (adv.)) + faran "get along" (see fare (v.)). Similar formation in Old Norse velferð. Meaning "social concern for the well-being of children, the unemployed, etc." is first attested 1904; meaning "organized effort to provide for maintenance of members of a group" is from 1918. Welfare state is recorded from 1941.

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Definitions of welfare

welfare (n.)
governmental provision of economic assistance to persons in need;
she lives on welfare
Synonyms: social welfare / public assistance
welfare (n.)
something that aids or promotes well-being;
Synonyms: benefit
welfare (n.)
a contented state of being happy and healthy and prosperous;
Synonyms: wellbeing / well-being / upbeat / eudaemonia / eudaimonia
From wordnet.princeton.edu