What mean by penalties?
noun, plural pen·al·ties. a punishment imposed or incurred for a violation of law or rule. a loss, forfeiture, suffering, or the like, to which one subjects oneself by nonfulfillment of some obligation. something that is forfeited, as a sum of money.
What is a penalty in law?
A penalty is the punishment imposed upon a person who has violated the law, whether or a contract, a rule, or regulation. A penalty can be in response to either civil or criminal violations, though civil penalties are usually less severe.
What is an example of a penalty?
A punishment fixed by law, as for a crime or breach of contract. The definition of a penalty is a punishment, fine or a negative result of an act. An example of a penalty is having to attend traffic school for a getting a speeding ticket. Neglected his health and paid the penalty.
What are penalties in business law?
English Law Thus, all parties to the contract agree that the amount is fair compensation for the breach. Penalty: If the amount fixed by all parties is unreasonable or used to force the performing party to fulfill the obligation, then it is a penalty.
What are the Offences and penalties?
Any person committing an offence referred to in the Second schedule i.e. offences punishable with imprisonment or with imprisonment along with penalty may be proceeded against in the criminal Court but only with the previous approval of the Central Government or any other authority specified by the Central Government.
What is the difference between compensation and penalty?
As nouns the difference between penalty and compensation is that penalty is while compensation is the act or principle of compensating.
Can I sue for inconvenience?
You cannot sue for the inconvenience. However, if you incurred damages and out of pocket expenses, and if you were injured, you may sue for recovery…
What is the legal word for compensation?
(14c) 1. Remuneration and other benefits received in return for services rendered; esp., salary or wages. 2. Payment of damages, or any other act that a court orders to be done by a person who has caused injury to another.
What is the aim of compensation?
The goals of compensation are to attract people to work for your organization and to retain people who are already working in the organization. Compensation is also used to motivate employees to work at their peak performance and improve morale.
What is the best compensation structure?
Grade Range compensation structures are best when: Your organization is large, well-defined, and has extended management hierarchies. Pay progression within grades occur at all levels of the organization. You want the flexibility to offer more frequent level changes and promotions earlier into an employee’s career.
What is the nature of compensation?
represents a more indirect type of compensation. So, the term compensation is a comprehensive one including pay, incentives and benefits offered by employers for hiring the services of employees.
What are the three types of compensation?
Different types of compensation include:
- Base Pay.
- Commissions.
- Overtime Pay.
- Bonuses, Profit Sharing, Merit Pay.
- Stock Options.
- Travel/Meal/Housing Allowance.
- Benefits including: dental, insurance, medical, vacation, leaves, retirement, taxes…
What is the concept of compensation?
Compensation is a systematic approach of providing monetary value to employees in exchange for work performed. It may help to achieve several purposes, such as recruitment, job performance and job satisfaction. It is also defined as the package of quantifiable rewards an employee receives for her or his labour.
What is compensation policy and its importance?
The compensation policy provides the basic explanation of the compensation component, how it is calculated, who is eligible for the usage and the approval procedure. The compensation policy belongs to most read and discussed internal policies of the organization as it drives the salaries of the individual employees.
How important is system for compensation?
Compensation management is vital for employee motivation. Employees who are recognized for the value they bring are more likely to be motivated, loyal and higher performing than those who’re not.