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EMPLOYMENT
Types of compensation and benefits
- Base pay - It is the basic pay excluding any perks, bonuses or
allowances
- Commissions- These are variable components paid due to
completion of tasks, usually sales
- Overtime pay - This is payment for working for extended or
off-duty hours
- Bonus/Profit sharing - This is a variable component which
depends upon the overall business performance
- Stock options - These are company equity shares that employees
as part of salary. These can be encashed on prevailing market
value
- Travel/Meal allowance - These are special allowances which
cover probable expenses in commuting to work and meal at work
- Insurance benefits - These are group health insurances that
reimburse medical expenses