Question: What Is The Legal Word For Compensation?

Is salary the same as compensation?

Key Takeaways.

Annual compensation, in the simplest terms, is the combination of your base salary and the value of any financial benefits your employer provides.

Annual salary is the amount of money your employer pays you over the course of a year in exchange for the work you perform..

What are the types of compensation?

Types of compensation include:Base pay (hourly or salary wages)Sales commission.Overtime wages.Tip income.Bonus pay.Recognition or merit pay.Benefits (insurances, standard vacation policy, retirement)Stock options.More items…•

What happens if you refuse eminent domain?

Assuming you decline, the government will file an action in court to seize your property through eminent domain. Then, the court schedules an Order of Taking. This is a court hearing in which the government argues that it attempted to purchase your land for a fair price and is justified in seizing it for public use.

Do you get compensation for eminent domain?

In order to exercise the power of eminent domain, government agencies are required – by the Fifth Amendment to the U.S. Constitution – to pay just compensation to the affected property owners. … Since the law requires the payment of just compensation, one would expect the government to pay it without putting up a fight.

What is the meaning of compensation?

compensation noun (MONEY) money that is paid to someone in exchange for something that has been lost or damaged or for some problem: … You should claim/seek compensation.

What does compensation mean in law?

(a) The term compensation means any form of payment made to an individual for services rendered as an employee for an employer; services performed as an employee representative; and any separation or subsistence allowance paid under any benefit schedule provided in conformance with title VII of the Regional Rail …

What is compensation medical term?

Medical Definition of compensation 1 : correction of an organic defect by excessive development or by increased functioning of another organ or unimpaired parts of the same organ cardiac compensation — see decompensation.

What is compensation contract?

A compensation contract is a supplemental document to an employment contract in the sense that it does not replace it, but changes certain details about employee compensation based on new circumstances. … A compensation contract is also known as: Salary agreement. Employee compensation agreement.

What are the four 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. The four major types of direct compensation are hourly wages, salary, commission and bonuses.

How is just compensation calculated?

A basic definition of just compensation The difference is the amount of total just compensation due. For example, if your property was worth $300,000 before the taking, and then it is worth $225,000 after the taking, total just compensation would be $75,000.

What is another word for compensation?

compensationrecompense, repayment, payment, reimbursement, remuneration, requital, indemnification, indemnity, redress, satisfaction.damages, reparations.North American informal comp.archaic guerdon, meed.rare solatium.

What is compensation with example?

The definition of compensation is something of value given in exchange for something else. The money a company pays to its employee to do work is an example of compensation. When a person gets into a car accident and injures someone, the money he pays to the injured victim for his losses is an example of compensation.

What does just compensation mean?

Just compensation refers to the compensation individuals receive when their property gets seized by the government for public use. … The government’s ability to take private property for public use is called eminent domain.