Question

What is alike and different about compensation and wages?

Answer 1

Wages are for individuals who are paid on an hourly rate and then multiplied by the total hours worked, e.g. $10x5hours=$50.00.Compensation is typically money paid to an individual as recompense for injury, loss, or suffering. An example of this would be receiving workers compensation benefits when injured at work an unable to work for a period of time, the business must still pay you what you would usually be receiving if you were able to work. They are similar in that they are both connected to monetary payment and different in how they are distributed.