ENTREPRENEURSHIP

Detailed explanation-1: -Bonuses are compensation paid above and beyond one’s base salary. They are thus not considered part of an employee’s salary or wages, but are treated as additional income.

Detailed explanation-2: -A performance-based bonus is an extra compensation granted to a team member as a reward for reaching pre-established goals and benchmarks. Leadership often rewards their teams with performance bonuses after evaluating outstanding projects or high-quality work performances.

Detailed explanation-3: -Incentive pay refers to giving employees bonuses or other forms of compensation in exchange for going above and beyond their normal duties. It is used as a way to incentivise employees to continue doing excellent work.

Detailed explanation-4: -Performance bonuses are monetary rewards outside of a professional’s usual pay or salary that they receive after meeting or exceeding certain performance expectations. Companies can use these bonuses as incentives for exemplary work practices or to congratulate and thank employees who achieve certain goals.

Detailed explanation-5: -Merit pay is an increase in an employee’s base pay based on the employee’s improved performance.