A compensation plan that provides a one-time or lump-sum payment to employees who meet specific performance targets or make some other extraordinary contribution to a company is called

A) two-tier wage system.
B) employee stock ownership plan.
C) bonus pay.
D) base pay.
E) merit pay.

Bonus Pay

A plan that provides one-time payments based on performance accomplishments.

Lump-sum Payment

A one-time payment for the total amount owed, as opposed to payments divided into installments.

Performance Targets

Specific goals set by organizations or individuals aiming to achieve a defined level of performance over a given period.