One Time Payments & Deductions | Meaning & Definition | Akrivia HCM

One-time payments and deductions are those that a company gives to its employees instead of salary or wages. A company can provide an employee a one-time fee for a particular reason, such as when the employee receives a promotion. Can use the money for a one-time need, such as purchasing materials for a job. The employer will pay the amount is decided on by either the employer or the individual employee.
One-time payments and deductions are typically associated with salary-related compensation and occur only once during the year they incur the expense. Typical examples of one-time payments include bonuses that are not part of an employee’s base salary but are given as appreciation awards to workers such as sales agents. Can take one deduction from an employee’s paycheck to pay for an expense that is not a constant or part of their regular compensation package. Typical examples include petty cash, receipts, and travel expenses.

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