A bonus is extra money that an employee receives on top of their salary. The person can be awarded the reward for good performance. Sometimes all employees of a company are given extra money during a certain time of the year. For example, if you receive an additional payment at a festival like Diwali, it is a Diwali bonus.

A bonus and a raise represent an increase in employee compensation. The difference is that a bonus is a one-time payment, while a raise represents a permanent change in compensation. It means that the employee receives more money every payday for the entire duration of his employment.

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