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1. Compensation Law: Types and
Benefits of Compensation in
Businesses www.rondcoffelattorney.com
2. State of Illinois
Worker’s Compensation
No one wants to work for half their life and get nothing for it.
Everyone wants to be compensated in a way for a job well
done. This is why some states have decided to create a
programmed that is designated to do just that, an example is
the state of Illinois worker’s compensation.
You may not understand what this entails, as many also may
not and that is what we would be discussing in this article
but first, let’s talk about the state of Illinois work comp laws.
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3. Illinois law ensures that employers provide their workers with adequate compensation
insurance for almost every one of them hired, injured or has his/her employment
localized in Illinois.
About The Law
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4. What is Compensation?
This refers to any payment given by an employer to
an employee during the period in which they are
employed. The employee in return will give their
time, labour and skills to the employer and the
organization at large.
It can be in any form; salary, wage, benefits,
bonuses, paid leave, pension funds, stock options
and so many more. In some places in the world like
U.S and Canada, compensation can be referred to as
remuneration.
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5. What are The Types of
Compensation?
Depending on where your company is or where you are
as an employee, compensation may be of different
types. However, the major types include direct and
indirect compensation.
Before you think of compensating or creating a
compensation plan, you must first understand the
types, mainly because it is your duty and the
organization's duty to explain the compensation plan to
all the candidates and also the employees
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