paycompensation
Pay compensation refers to the monetary remuneration provided to employees in exchange for their labor. It typically includes base pay such as wages or salary, as well as variable components like bonuses, commissions, and overtime pay. In broader usage, it can also encompass a portion of non-cash benefits converted into monetary value, and in some cases back pay awarded following wage disputes.
Total compensation also covers benefits and incentives that supplement base pay, including employer contributions to retirement
Pay is influenced by job evaluation, market rates, geography, experience, performance, and legal requirements. Minimum wage
For employees, understanding pay compensation helps with negotiation and career planning. For employers, a well-defined compensation