Personal Compensation is a term used to describe benefits that an individual receives from acts of services that he has accomplished for another person or entity. This could be a combination of benefits that include wages, leaves raises and other incentives that is given by an employer to his employee. Personal compensation may also mean insurance award claimed by a party for injuries and pain sustained from an accident where the injured party is not at fault. Benefits received and personal compensations are two things that go together hand in hand. There are various kinds of benefits that are derived from personal compensation such as salaries and wages, workman’s compensation insurance, health care insurance, and other perks given by employers to his employees.
This compensation has various factors that determine the benefits that it gives to an individual. For instance, large and profitable companies may give more personal compensation packages to their employees than those companies who are small and just starting out. The kind of industry that the business is in is a big influence on the benefits that it gives its people. For instance a car manufacturing company might give its employees big discount in buying the car that they are producing and this is on top of the regular compensation benefit that they are receiving. Another classic example is in large scale industries such as those individuals who work in docks and piers. These workers are covered by an umbrella union who represent them in negotiating for wages and benefits from the administrations running these places.
It is always a good thing for an individual to know what his talent is worth because this will allow him to negotiate with an employer of what his compensation should be. However the law also protects workers by stipulating a standard minimum wage for all workers. The main purpose for the law is to protect the workers from being exploited by paying them less for what they are worth. Personal injury compensation is another form of compensation that results from claims by an injured party.
This is usually paid by insurance company who represents the party at fault. Accidents are events that comes when you least expect it and when it does it would be wise to have an insurance that will cover such catastrophes. Accident insurance is your guarantee that you will be able to save yourself from legal suit in case you are at fault. It will be able to save you from all kinds of expenses related to the accident especially if it includes a person who will file a disability compensation claim against you.