What is difference between pay and compensation?

Pay and compensation are two concepts that are often used interchangeably, but they actually have different meanings. Pay is the money you receive for your work, while compensation refers to the total package of benefits and rewards you receive for your work. This includes things like health insurance, vacation days, bonuses and other perks. While pay is an important part of compensation, it's not the only factor to consider when evaluating a job offer. By understanding the difference between pay and compensation, you can make sure that you're getting a fair deal from your employer.

Pay and compensation are two terms that are often used interchangeably, but they actually have distinct meanings. Pay refers to the money an employee receives for their work, while compensation is a broader term that includes not only pay but also other benefits such as health insurance, vacation time, and more. To put it simply, pay is what you get for your work while compensation is what you get for being part of a company.