Compensation refers to the financial or non-financial benefits provided to an individual in exchange for their work, services, or the loss or injury they have suffered. In the context of employment, compensation typically includes wages or salaries, bonuses, benefits such as health insurance and retirement plans, and other perks or incentives. Additionally, compensation may also be awarded to individuals who have experienced harm or loss due to the actions of others, such as in personal injury or wrongful death cases, where monetary damages are awarded as compensation for the harm suffered. The purpose of compensation is to fairly and adequately compensate individuals for their contributions, efforts, or losses, and to provide redress for any harm or injury they may have endured.
something (such as money) given or received as payment or reparation (as for a service, loss, or injury).
Something, typically money, is awarded to someone as recompense for loss, injury, or suffering.
- The act or principle of compensating.
- That which constitutes, or is regarded as, an equivalent; that which makes good the lack or variation of something else; that which compensates for loss or privation; amends; remuneration; recompense.
- The extinction of debts of which two persons are reciprocally debtors by the credits of which they are reciprocally creditors; the payment of a debt by a credit of equal amount; a set-off.
- A recompense or reward for some loss or service.
- An equivalent stipulated for in contracts for the sale of real estate, in which it is customary to provide that errors in description, etc., shall not be avoided but shall be the subject of compensation.
n. 1) payment for work performed, by salary, wages, commission, or otherwise. It can include giving goods rather than money. 2) the amount received to “make one whole” (or at least better) after an injury or loss, particularly that paid by an insurance company, either by the party causing the damage or by one’s own insurer.
The concept of compensation refers to the act of providing monetary or non-monetary benefits to an individual or entity in exchange for their services, losses, or damages. Compensation can be awarded through various means, such as employment contracts, insurance policies, or legal settlements. It aims to restore or make up for the harm or loss suffered by the recipient and is often determined based on factors such as the nature of the harm, the extent of the damages, and any applicable laws or regulations.
A pecuniary remedy that is awarded to an individual who has sustained an injury in order to replace the loss caused by the said injury. More than one type of damage (e.g., direct, incidental, and punitive) may be awarded for a single injury.
Compensation is the money paid to the claimant(s) in a personal injury case after they win an injury case. It can include payment for lost wages (past and future), medical expenses (past and future), death benefits (lost wages and burial expenses), and pain and suffering. Compensation can also be paid by workers’ compensation or insurance companies after an injury or death due to an injury suffered by the deceased while performing their normal job functions. Compensation may also be paid in a wrongful death claim to certain beneficiaries (parents, spouses, minor children, or estates) of the deceased.
In the US, compensation in a general sense can also be claimed from government sources such as the Social Security Administration through disability insurance (SSDI), SSA retirement benefits, or Supplemental Security Income (SSI). The amount and type of compensation awarded depends on a variety of factors, such as work history, the earnings of the worker while they were employed, and the amount of taxes paid through their employment to the Federal Government.
Compensation refers to the payment or benefits provided to an individual in exchange for their work or services rendered.
Yes, employers are legally obligated to provide compensation to their employees as per the employment contract or applicable labour laws.
Employees can receive various types of compensation, including wages, salaries, bonuses, commissions, benefits (such as health insurance or retirement plans), and stock options.
Yes, if an employee believes they are not receiving adequate compensation as per their employment agreement or applicable labour laws, they may have grounds to file a lawsuit against their employer.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 11th April, 2024.
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