What is meant by compensation?
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Explanation:
compensation refers to the act of providing a person with money or other things of economic value in exchange for their goods, labor, or to provide for the costs of injuries that they have incurred.
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Compensation is the total cash and non-cash payments that you give to an employee in exchange for the work they do for your business. Compensation is more than an employee's regular paid wages. It also includes many other types of wages and benefits. Types of compensation include: Base pay (hourly or salary wages)
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