merit noun Meaning in Cambridge Business English Dictionary
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Meaning of "merit" - Business English Dictionary

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merit

noun [C or U]
 
 
/ˈmerɪt/
formal the quality of being good and deserving to be praised or rewarded, or an advantage that something has: Proposals will be judged strictly on merit by an external committee. I fail to see the merit of organizing the work in that way.
merit award/bonus/raise, etc. HR, WORKPLACE extra pay given to employees who have done their job well and made noticeable improvements in the company, department, etc.: The average merit pay increase over the past five years has been in the range of 3 to 4%.
LAW if a court decides that a complaint, case, etc. has merit, it accepts that it is true or there is evidence for it: The lawsuit was found to be completely without merit.
(Definition of merit noun from the Cambridge Business English Dictionary © Cambridge University Press)
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