What is the legal term for compensation?

• Base Pay.
• Commissions.
• Overtime Pay.
• Bonuses, Profit Sharing, Merit Pay.
• Stock Options.
• Travel/Meal/Housing Allowance.
• Benefits including: dental, insurance, medical, vacation, leaves, retirement, taxes...

What are the 4 types of compensation?

The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay.

What is meant by compensation of employees?

Compensation of employees is defined as the total remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done by the latter during the accounting period.

What are the 3 types of compensatory damages?

The three types of damages are economic damages, non-economic damages, and punitive damages.

What are the 2 types of compensatory damages?

What many may not realize, however, is that there are two types of compensatory damages: actual damages (sometimes called “special damages”) and general damages. Knowing the differences between the two is essential in understanding how courts compensate plaintiffs for the injuries they've suffered.

What is the difference between damages and compensation?

Damages are awarded for suffering injury while compensation stands on a higher footing. Compensation aims to place the injured party back in a position as if the injury has not taken place by way of pecuniary relief for the caused injury.

What are the 6 types of compensation?

What are the two main types of compensation?

What are the types of compensation given to employee?

What are 3 synonyms for compensation?

What is tort compensation?

According to the principle of full compensation, tort law seeks to put the victim in the position he was in before the tort. This position is generally considered to be the situation where the victim does not suffer any harm at all.

What is compensatory vs punitive damages?

Compensatory damages, like the name suggests, are intended to compensate the injured party for loss or injury. Punitive damages are awarded to punish a wrongdoer.

What are some examples of compensatory damages?

For example, if the plaintiff was badly frightened and suffered nightmares, increased blood pressure, or other anxiety related symptoms which prevented him from working or fully enjoying his life, he could seek damages for "emotional distress." If any of his property was damaged, compensatory damages could also include ...

What is compensatory damages vs punitive damages?

Compensatory And Punitive Damages

The compensatory damages awarded to plaintiffs are designed to give justice to them after being wronged. Punitive damages are designed to prevent others from being hurt by the same or similar actions.

Which of the following best describes the term compensatory damages?

Which of the following best describes Compensatory Damages? Compensatory Damages are intended to compensate or reimburse a plaintiff for actual losses.

What is meant by compensatory damage?

the amount of money that a court orders to be paid to someone in return for something that has been lost or damaged: The plaintiff is seeking $20 million in compensatory damages .

What are the most frequently awarded legal damages?

COMPENSATORY. Compensatory damages are generally the most identifiable and concrete type of damages. These include amounts for lost income, property damages, and medical care resulting from the Defendant's misconduct.

Why salary is called compensation?

Your salary is called compensation because you are being compensated for being somewhere you'd rather not be, doing something you'd rather not do.

How is compensation determined for an employee?

The level of a firm's compensation is determined by the firm's financial condition (or profitability), efficiency, and employee productivity, as well as the going rates paid by competitors.

What are the three parts of compensation?

Compensation is the combination of salaries, wages and benefits that employees receive in exchange for them doing a particular job. It can include an annual salary or hourly wages combined with bonus payments, benefits, and incentives.