The correct answer is Merit pay.
Performance-related pay, often known as merit pay, merit increases, or pay for performance, is most typically used in the context of educational reform or government civil service reform. It offers bonuses to employees who successfully complete their tasks in accordance with criteria that are simple to measure.
Merit pay is regarded as a unique kind of pay for performance whenever a business wants to alter how its employees are compensated by taking into account an employee's performance when setting annual pay raises.
Instead of receiving some other form of payment, the workers in this situation receive a pay boost. Due to their excellent performance, an employee's base salary would be increased thanks to the merit pay.
They are typically budgeted for and awarded annually. Increases of this nature are thought to be the most typical sort of performance-based remuneration.
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