What is the term for income received in addition to the base salary, typically based on performance?

The term for income received in addition to the base salary, typically based on performance, is "Bonus." A bonus is often given as a reward for achieving certain performance metrics or goals, making it contingent upon the employee's or team's success. This additional compensation can motivate employees to increase productivity and align their efforts with the company's performance objectives. Bonuses can take various forms, including monetary payouts, stock options, or other benefits, and their amounts can vary widely depending on the company’s policies and the individual’s contributions.

In contrast, overtime pay refers to extra pay received for hours worked beyond the standard workweek, and is not performance-based. Commission is typically a form of compensation based on sales made, which is somewhat similar but usually tied specifically to sales roles rather than general performance. Incentives can encompass a range of rewards designed to motivate employees, but they are broader than just bonuses, which are expressly performance-related payouts.