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English definition of “compensation”

compensation

noun [U]     /ˌkɒmpənˈseɪʃən/ ( 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
→ See also employee compensation, social security compensation, unemployment compensation, employee compensation
(Definition of compensation noun from the Cambridge Business English Dictionary © Cambridge University Press)
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