Financial 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.
Kinds of financial compensation include:
- Damages, legal term for the financial compensation recoverable by reason of another’s breach of duty
- Nationalization compensation, compensation paid in the event of nationalization of property
- Deferred compensation
- Executive compensation
- Employee benefits
- Workers’ compensation, to protect employees who have incurred work-related injuries