The pay and benefits for senior managers are called compensation and remuneration. In the US, compensation package and remuneration package are used to describe the pay and benefits that employees receive. Aside from the package, senior executives have the privilege to get share options or stock options. There are also performance-related bonuses given to the manager.
Compensation is also used to describe the money and other benefits that a senior manager or any employee receives after they are forced to leave the organization. The money is in the form of compensation payment or severance payment. On the other hand, severance package describes the payment and the benefits.
2. Vocabulary
compensation/remuneration
--- money that is paid to someone in exchange for something that has been lost or damaged or for some problem
compensation package/remuneration package
--- pay and benefits that employees receive
share options (Am.E.)/stock options (Br.E.)
--- the right to buy the company's shares at low prices
performance-related bonuses
--- money paid to someone relating to how well he or she works at the workplace for example through commission
compensation payment/severance payment
--- a payment given to an employee who was laid off or fired; separation pay
severance package
--- pay and benefits given to an employee who was laid off or fired; aside from the employee's remaining regular pay, the severance package includes insurance, retirement benefits, stock options, etc.
3. Activity
Identify the type of pay and benefits being described for each number.
1. A manager reaches a particular objective of the company.
2. Sheila was laid off from work so she received a payment from her company.
3. Aside from the payment, Sheila got the chance to have stock options in her company.
4. These are the pay and benefits that employees receive from the company.
5. The privilege given to senior executives to buy stocks or shares at low prices.
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