Losses directly referable to a breach or tortious act; losses that can readily be proven to have been sustained, and for which the injured party should be compensated as a matter of right.
Affirmative relief refers to the relief, benefit, or compensation that may be granted to the defendant in a legal judgment or decree based on the facts established in their favor.
Auditors' remuneration is the compensation paid to auditors for the services they provide in scrutinizing a company's financial statements. This term is often interchangeable with audit fees.
Back pay refers to compensation owed to an employee for work performed in a previous pay period, typically resulting from payroll errors, disputes, or legal settlements.
The Before-and-After Rule in eminent domain is a practice wherein the property value is appraised both before and after the taking, considering any enhancement or injury resulting from the condemnation.
A bonus is compensation paid to an employee or employees for achieving a particular sales goal or organizational objective. This is in addition to a commission or salary.
A cafeteria plan allows employees to choose from a variety of fringe benefits, including cash, without including the chosen benefit in their gross income for tax purposes.
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.
Condemnation is the legal process by which a government or private entity with governmental powers takes private property for public use, with compensation to the owner. This is commonly associated with eminent domain.
The process by which private property is taken for public use with compensation to the owner, under eminent domain, and declarations of structures being unfit for use.
Consequential damages, in the context of property law, refer to the loss in value of a property caused by the taking of a nearby property or development on another property.
Compensation, in monetary form, for a loss or injury, breach of contract, tort, or infringement of a right.
Double or treble damages refer to the practice of awarding a plaintiff twice or three times the actual amount of damages incurred. This punitive measure is authorized by statute for certain kinds of injuries to deter and punish improper behavior.
An emolument refers to the income or compensation received from employment, office, or labor, including salary, fees, and other forms of compensation.
An employee is an individual who works for compensation, either direct or indirect, for an employer in return for stipulated services. Employees may be compensated hourly, daily, or annually. Employers have the right to control the work performed by their employees, including timing and means of accomplishing tasks.
Executive perquisites, often referred to as 'perks,' are special benefits or privileges provided by a company to its senior executives. These perks are usually not available to lower-level employees and can include a wide range of amenities, such as company cars, private jet access, and significant bonuses.
Financial incentives offered to key staff to persuade them to remain with an organization.
Gratuity, commonly referred to as a tip, is a sum of money given to certain service sector workers for the services they provide, usually in addition to the basic price.
Gross earnings refer to an employee's salary or wages before any deductions for taxes, Social Security, and employee benefit contributions are made.
An honorarium is a voluntary payment given to a professional for services for which fees are not legally or traditionally required, often for cultural, social, or academic contributions.
Human Resources Management (HRM) represents an evolution from traditional personnel management, placing emphasis on leveraging an organization's human resources to achieve strategic goals. HRM encompasses recruitment, compensation, employee relations, and policy development to maximize employee performance and satisfaction.
Indemnity is a legal agreement whereby one party agrees to compensate another for any losses or damages that have occurred or might occur in the future. In the context of insurance, it involves securing against potential financial liabilities.
Indemnity refers to the obligation to compensate an individual for loss or damage endured or anticipated. It involves a legal commitment whereby one party agrees to cover the financial consequences caused to another.
An insurance claim is a formal request made by the insured to an insurance company for payment of a benefit related to an incident covered by their insurance policy.
In law, irreparable harm or irreparable damage refers to something that cannot be compensated for adequately in a court of law through monetary compensation, injunction, or specific performance, and for which reasonable redress for the inflicted injury cannot be received.
Compensation predicated upon an employee's level of skill and educational attainment. Knowledge-based pay can serve as an incentive for employees to pursue additional training and education, thereby upgrading overall workforce skill levels.
The hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA). The Medicare tax is 2.9% of all earnings, with employers and employees each responsible for a portion.
Nominal wage refers to the amount of money earned by workers in current dollar terms, without adjusting for inflation or changes in purchasing power.
An onerous contract is a contract in which the unavoidable costs of fulfilling the obligations exceed the expected economic benefits, potentially requiring compensation to the other party if the terms are not met.
Overtime refers to the time worked by employees beyond their agreed normal working hours. For hourly or nonexempt employees, overtime is typically compensated at a higher rate, often one and one-half times their regular pay, for hours worked over 40 in a standard workweek.
A private pension plan credit given to an employee’s past service with an employer prior to the establishment of a pension plan. Usually, a lower percentage of compensation is credited for benefits for past service than for future service benefits.
Pay can refer to the compensation given to personnel for services performed or the act of exchanging money for goods or services.
Pay for Performance is a salary scheme where employees accept a lower base pay in exchange for bonuses based on meeting production or other organizational goals.
Payday refers to the specific day set by employers on which employees receive their wages or salaries, typically in the form of paychecks or direct deposits into their bank accounts.
Perquisites, often abbreviated as perks, refer to the privileges granted to employees in addition to basic wages and salaries. These can range from health insurance and pensions to executive benefits like automobiles, resort vacations, and more.
Piece work refers to a system of payment based on the amount of work done rather than the time spent working, commonly used by contractors and individuals. Piece workers perform specific production services and are compensated for each piece completed.
Compensation for all expenses incurred while traveling from door to door. Portal-to-portal pay is used in business organizations for business-related purposes, such as business travel where all expenses including transportation are covered.
An agreement in the USA that allows employees to purchase company stock at a future date at a specified price, often lower than the market price, and meeting the IRS's requirements.
A quasi contract is an obligation created by law for reasons of justice and fairness. It ensures that one party pays for a benefit they desired and received under circumstances that make it inequitable to retain without compensation.
The act of paying or rewarding an individual for services, or remuneration for goods or other property.
Recoupment refers to the process of regaining or recovering losses, typically through legal means, compensation, or adjustments of accounts, often seen in various fields such as accounting, business law, and insurance.
Remuneration is a sum of money paid for services given, encompassing both salaries and wages.
Restitution refers to the act of compensating for loss, damage, or injury by making the affected party whole, either through monetary compensation or other forms of reparation.
Retroactive refers to any policy, payment, or legal effect applied to a prior time period. For instance, retroactive pay can be granted based on the provisions of a new collective bargaining agreement for work completed before or at the start of the new contract's implementation.
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 salary continuation plan is an arrangement often funded by life insurance to continue an employee's salary in the form of payments to a beneficiary for a certain period after the employee's death. The employer may act as the beneficiary, collecting the death benefit and making payments to the employee's designated beneficiary.
Extra compensation paid as inducement to accept shift work, especially during evening and midnight hours.
An upfront payment made to employees as part of the cost of obtaining their services. Often used in competitive job markets to attract top talent.
Straight time refers to the standard time or number of work hours established for a particular work period. An employee working straight time is not being paid overtime.
Supplemental wages include bonuses, commissions, overtime pay, and certain [SICK PAY]. An employer can withhold income tax at a flat 25% rate or use the same method as for regular wages.
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.
Unjust enrichment refers to a scenario where an individual or entity gains or benefits from another's efforts or acts without providing compensation, leading to an obligation to make restitution.
Vacation pay refers to the compensation provided to employees during their vacation leave. It can also include amounts paid even if the employee opts not to take a vacation.
Vertical promotion refers to the advancement or upgrading of management or supervisory responsibilities within an organization, often accompanied by an increase in compensation. For example, an individual receiving a promotion from a department manager to a vice president not only gains greater responsibilities but also receives higher remuneration.
An in-depth exploration of wages, including definitions, examples, FAQs, related terms, references, and further reading.
A survey conducted among employers in a labor market to determine pay levels for specific job categories. Typically conducted in the surrounding community or metropolitan area for the purposes of comparability.
A range of salaries for a particular occupation, often determined by levels of seniority and experience.
The highest pay possible within a particular wage bracket, agreed upon as the upper range, commonly used in salary negotiations and organizational pay structures.
Wage incentive is a method of motivating workers to increase their productivity by offering them higher wages for greater output.
An established pay rate for a particular job during a given period of time, typically specified on an hourly basis.
Wages refer to the remuneration paid to hourly paid employees for the work done, typically based on the number of hours spent at the place of work.
