Cash awards given to employees who achieve specific performance objectives are called Bonuses.
A bonus is a financial payment that exceeds the recipient's typical payment expectations. A corporation may give bonuses as an incentive or to recognise excellent performance. Signing, referral, and retention incentives are examples of incentive bonuses that a business could offer to employees. Employees typically receive a bonus payment in addition to their base pay as part of their compensation or salary. A bonus is a sum of money given to an employee on top of their normal pay. According to the FLSA, the usual rate of pay includes all compensation for hours worked, services provided, or performance. An extensive list of payments that can be made in lieu of the standard rate of pay is provided under the Act.
Hence, Cash awards given to employees who achieve specific performance objectives are called Bonuses.
To learn more about Bonus click,
https://brainly.com/question/26746473
#SPJ4
