Definition of Performance bonus:
Compensation for work performed above and beyond normal or expected duties. Performance bonuses are often used as incentives for increased productivity of an individual or team in a corporate environment. A predetermined performance bonus for meeting a specific goal or target is common in the sales industry and for C-suite executives at large companies. Occasionally, performance bonuses are awarded in recognition of exceptional work even when the employer has no contractual obligation to do pay a bonus.
Meaning of Performance bonus & Performance bonus Definition