Compensation vs remuneration difference

Answer 1

Comp is usually used in a more negative sense. That is:

If you have been injured in an accident the other person will "compensate you for your loss."

If you have to work overtime you will be compensate for the incovienience.

Renumeration is used in a more positive manner.

You will be given suitable renumeration for your hard work.

Suitably qualified applicants will be renumerated accordingly.

I think this is wrong. When it comes to compensation, it means the cash-based payments to employees e.g salaries, bonuses, merit-based pay, variable pay (like performance-linked payments) etc while Remuneration is the sum total of all the rewards given to the employees both cash-based on or other non-cash benefits like health insurance, fitness and professional development subscriptions, wellness programmes, family support, child care, concierge services, etc.

Compensation= Cash payments only - salaries, bonus, variable pay

Remuneration = Compensation + Benefits

I hope this clarifies it.