Compensation refers to the direct and indirect monetary and nonmonetary rewards provided to employees in recognition of the value of their job, their personal contributions, and their performance. These rewards must align with the organization's ability to pay and comply with relevant legal guidelines.
An emolument refers to the income or compensation received from employment, office, or labor, including salary, fees, and other forms of compensation.
Gross earnings refer to an employee's salary or wages before any deductions for taxes, Social Security, and employee benefit contributions are made.
Longevity pay refers to salary or wages that are based on an employee’s seniority or length of service with an organization. The greater the length of service, the greater the longevity pay. It may also include bonuses for remaining on a job beyond a certain period.
The payroll period is the interval of time for which an employer ordinarily pays wages to employees. The amount of withholding varies depending on the payroll period.
Remuneration is a sum of money paid for services given, encompassing both salaries and wages.
Regular compensation received by an employee as a condition of employment. Salaries comprise basic wage, performance-based pay, and indirect fringe benefit compensation, typically computed on an annual basis.
A fixed regular sum paid as a salary or allowance for services rendered, often associated with internships, apprenticeships, fellowships, or academic roles.
Take-home pay is the amount of wages a worker actually receives after all deductions, including taxes, have been made from their gross income.
Underpay refers to a scenario in which individuals receive wages that are considered insufficient or below the market value for the job or procedure they perform. This can be due to several factors, including market dynamics, organizational policies, or perceived worth.
