Meaning of “compensation” in the English Dictionary

"compensation" in English

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uk /ˌkɒm.penˈseɪ.ʃən/ us /ˌkɑːm.penˈseɪ.ʃən/

compensation noun (MONEY)

[ U ] money that is paid to someone in exchange for something that has been lost or damaged or for some problem:

She received £40,000 in compensation for a lost eye.
You should claim/seek compensation.
a compensation claim

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compensation noun (EXCHANGE)

[ C or U ] something that makes you feel better when you have suffered something bad:

I have to spend three months of the year away from home - but there are compensations like the chance to meet new people.
Free food was no compensation for a very boring evening.
adjective uk /ˌkɒm.pənˈseɪt.əri/ us /kəmˈpen.səˌtɔːri/

mainly US He was awarded $3 million in compensatory damages.

(Definition of “compensation” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"compensation" in Business English

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compensationnoun [ U ]

uk /ˌkɒmpənˈseɪʃən/ us abbreviation comp

HR the combination of payment and other benefits that an employee receives for doing their job:

Annual compensation for our executives includes salary, bonus, and other benefits.
Poor compensation may be hurting recruiting and retention efforts in nursing schools.

LAW, INSURANCE money that is paid to someone because they have been hurt, or because something has been lost or damaged:

If you can prove that someone else was to blame for your accident, you will be entitled to compensation.
In a case like this, there is no limit to the compensation that can be awarded.
seek compensation for injury
a compensation claim

(Definition of “compensation” from the Cambridge Business English Dictionary © Cambridge University Press)