- compensation
- Arrangement under which the delivery of goods to a party is paid for by buying back a certain amount of the product from the recipient of the goods. Bloomberg Financial Dictionary
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1. an amount paid to someone because they have been hurt or harmed:• Mr Lewis was awarded $75,000 compensation for injuries suffered in the accident.
• The group will pay compensation to 800 people who have been made redundant.
2. abbreviation comp the total amount of money and other advantages that someone receives as an employee:• Japanese workers get 30% of their compensation in vacation pay and bonuses.
• The firm has agreed to a new compensation package for its chairman, including stock options worth $252 million.
emˌployee compenˈsation especially AmE HUMAN RESOURCES1. the total pay and benefits that a particular employee or group of employees receives:• An increasing proportion of the company's employee compensation is paid in stock.
2. money paid to an employee by an employer's insurers because the employee has been harmed in some way, for example in an accident at work:• Because of the limitations of employee compensation policies, more people are turning to the courts to seek additional disability awards.
ˌsocial seˈcurity compenˌsationin the US, the money people have to pay into a government-run retirement plan and the money people receive from the government when they retire* * *
compensation UK US /ˌkɒmpənˈseɪʃən/ noun [U] (ABBREVIATION comp)► HR the combination of payment and other benefits that an employee receives for doing their job: »Annual compensation for our executives includes salary, bonus, and other benefits.
»Poor compensation may be hurting recruiting and retention efforts in nursing schools.
► LAW, INSURANCE money that is paid to someone because they have been hurt, or because something has been lost or damaged: »If you can prove that someone else was to blame for your accident, you will be entitled to compensation.
»In a case like this, there is no limit to the compensation that can be awarded.
»seek compensation for injury
»a compensation claim
→ See also EMPLOYEE COMPENSATION(Cf. ↑employee compensation), SOCIAL SECURITY COMPENSATION(Cf. ↑social security compensation), UNEMPLOYMENT COMPENSATION(Cf. ↑unemployment compensation), EMPLOYEE COMPENSATION(Cf. ↑employee compensation)
Financial and business terms. 2012.
