1- Compensation is the award given to employee for using their skills, expertize and time by the employer to achieve certain things. Compensation can be both direct i.e.financial and indirect i.e. non-financial. Financial compensation is directly given to an employee in monetary term. It includes salary, bonus, commission, wages etc. These can be monetarily measured and normally given in cash basis. It is the right of the employee to use these compensation according to her wish. Non-monetary or indirect compensation is given to an employee by kind.Though it has cash value but the employee can use for the specific purpose for which it is given, It includes medical insurance,retirement services, travel allowances, free lunch, employees welfare etc.Employee can not use medical insurance for any other purpose it should be used for medical purpose only and the expenditure can be reimbursed by the employer after checking the documents.
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