Cash rewards that are tied to some aspect of performance and paid in lump sums rather than as raises are known as merit pay.

Name: Cash rewards that are tied to some aspect of performance and paid in lump sums rather than as raises are known as merit pay.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Merit pay refers to raises or ongoing salary increases based on performance, not lump-sum payments. Lump-sum payments tied to performance are typically referred to as bonuses.

Cash Rewards That Are Tied to Some Aspect of Performance