What is the definition of compensation and benefits?

Answer 1

In Georgia, Workers' Compensation benefits on an accepted claim cover INCOME and MEDICAL benefits. Those are covered by the WC insurance company. The availablity of other employer offered benefits depends on the employer.

Answer 2

In general, "Compensation" is the monetary exchange you receive for the work you do, or services rendered, while "Benefits" are non-financial forms of payment you receive for the work you do. An example of a benefit is an employer-sponsored health insurance coverage.

Answer 3

Compensation is a systematic approach to providing monetary

value to employees in exchange for work performed.

Compensation may achieve several purposes assisting in

recruitment, job performance, and job satisfaction.

Employee benefits typically refers to retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Benefits are increasingly expensive for businesses to provide to employees, so the range and options of benefits are changing rapidly to include, for example, flexible benefit plans.

Answer 4

This generally refers to the pay, health care and vacation time offered by an employer to an employee.