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Financial compensation refers to the act of providing a person with
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a ...

money
or other things of
economic value In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goo ...
in exchange for their
goods In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of plant ...

goods
,
labor Labour or labor may refer to: * , the delivery of a baby * , or work ** , physical work ** , a socioeconomic relationship between a worker and an employer Literature * , an American quarterly on the history of the labor movement * ', an academic ...
, or to provide for the costs of injuries that they have incurred. Kinds of financial compensation include: *
Damages At common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictionary ...
, legal term for the financial compensation recoverable by reason of another's breach of duty *
Nationalization compensation Nationalization, or nationalisation, is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government (disambiguation) , national government or State (polity) , state ...
, compensation paid in the event of nationalization of property *
Payment A payment is the voluntary tender of money or its equivalent or of things of value Value or values may refer to: * Value (ethics) it may be described as treating actions themselves as abstract objects, putting value to them ** Values (Western p ...

Payment
*
Remuneration Remuneration is the pay or other financial compensationFinancial compensation refers to the act of providing a person with money Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray caricature, the plentiful money bags handed to King Georg ...

Remuneration
**
Deferred compensation Deferred compensation is an arrangement in which a portion of an employee's income Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.Smith's financial ...
**
Executive compensation Executive compensation is composed of both the financial compensationFinancial compensation refers to the act of providing a person with money Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray caricature, the plentiful money bags handed ...
**
Royalties A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset o ...

Royalties
**
Salary A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract An employment contract or contract of employment is a kind of contract A contract is a legally binding agreement that def ...
**
Wage A wage is the distribution from an employer of a ''security'' (expected return or profits derived solely from others) paid to an employee. Like interest is paid out to an investor on his investments, a wage is paid (from company earnings) to t ...

Wage
**
Employee benefits Employee benefits and (especially in British English British English (BrE) is the standard dialect of the English language English is a West Germanic languages, West Germanic language first spoken in History of Anglo-Saxon England ...
*
Workers' compensation Workers' compensation or workers' comp (formerly workmen's compensation until the name was changed to make it gender-neutral) is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment ...
, to protect employees who have incurred work-related injuries


See also

*
Income In microeconomics Microeconomics is a branch of mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a bas ...
*
Faithless servantThe faithless servant doctrine is a Legal doctrine, doctrine under the laws of a number of states in the United States, and most notably Law of New York (state), New York State law, pursuant to which employees who act unfaithfully towards their emplo ...
Monetary economics {{finance-stub