Remuneration
Remuneration (pronunciation: /rɪˌmjuːnəˈreɪʃ(ə)n/) is a term used in the field of Human Resources and Economics to describe the total compensation that an employee receives in exchange for the services they perform for their employer. This can include monetary payments such as wages, salaries, and bonuses, as well as non-monetary benefits such as health insurance, retirement plans, and paid time off.
Etymology
The term "remuneration" comes from the Latin word remuneratio, which means "to reward". It was first used in English in the late 15th century to refer to the act of rewarding someone for their services.
Related Terms
- Compensation: This is a broader term that includes all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship.
- Salary: This is a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.
- Wage: This is a fixed regular payment earned for work or services, typically paid on a daily or weekly basis.
- Benefit: This is a form of compensation paid by employers to employees over and above the amount of pay specified as a base salary or hourly rate of pay.
- Bonus: This is a financial compensation that is above and beyond the normal payment expectations of its recipient.
See Also
External links
- Medical encyclopedia article on Remuneration
- Wikipedia's article - Remuneration
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