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The phrase "agreement on compensation" is correct and usable in written English.
It can be used in contexts where parties are discussing or finalizing the terms of payment or remuneration for services or work.
Example: "After several meetings, we finally reached an agreement on compensation for the project."
Alternatives: "consensus on payment" or "settlement regarding remuneration".
Exact(20)
He said The Times could reach an agreement on compensation.
The Mariners reached agreement on compensation with the Tampa Bay Devil Rays on Friday.
The order approved an agreement on compensation negotiated among lawyers for the men and city officials.
But an agreement on compensation and an ensuing contract with Piniella could happen today.
But it wasn't before noon Wednesday that the Redskins and Broncos came to an agreement on compensation.
Ms. Weingarten contended that without a quick agreement on compensation, the Board of Education would be hard pressed to attract 17,000 teachers for the summer.
Similar(40)
In 2008 the prime minister, Silvio Berlusconi, signed an agreement on colonial compensation with Muammar Gaddafi.
Unable to come to an agreement on the compensation, half the tenants in the building staged a rent strike.
All that had remained to complete the deal was an agreement on the compensation the Red Sox would give the Athletics for Beane.
All that stands in the way of Rodgers being confirmed as Liverpool manager is an agreement on a compensation package with Swansea.
A pay dispute was resolved Thursday at a medical supply factory, ending a labor standoff in which the Chinese workers detained their American boss for nearly a week inside the plant until they reached agreement on a compensation package.
More suggestions(3)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com