Definition of compensation noun from the Oxford Advanced American Dictionary

      

    compensation

     noun
    noun
    NAmE//ˌkɑmpənˈseɪʃn//
     
     
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  1. 1 [uncountable, countable] compensation (for something) something, especially money, that someone gives you because they have hurt you, or damaged something that you own; the act of giving this to someone to claim/award/receive compensation to pay compensation for injuries at work to receive $10,000 in compensation. She received a cash sum by way of compensation.
  2. 2[uncountable] payment such as wages or a salary that a person receives for working at a job The company’s executives receive a compensation package that includes bonuses and many other perks.
  3. 3[countable, usually plural] compensation (for something) things that make a bad situation better I wish I were young again, but getting older has its compensations.
See the Oxford Advanced Learner's Dictionary entry: compensation