Compensation

Compensation - (noun)

Definition

This has two meanings. Firstly, it refers to money that is paid to someone in exchange for something that has been damaged or lost. For example workers might receive compensation if they have been injured or made ill at work. Secondly, it is also sometimes used to refer to payment (and other benefits) that employees receive for doing their job.

Extra

Source: Adapted from Cambridge English Dictionary
Example of Use: The employee received compensation for the accident as the employer had not ensured a safe working environment.