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"compensation system" is correct and usable in written English.
You would typically use it when discussing the payment or reward structure of a given job, business, or organization. For example: "Our company has a generous compensation system for employees who go above and beyond in their work."
Exact(60)
Move the game toward a different compensation system.
A sensible compensation system must reflect that fact.
The sales compensation system can help ventures achieve that alignment.
Mr. Davis subscribed to a "barbell" compensation system.
But a fair and equitable no-fault compensation system could conceivably be beneficial to patients".
The step is part of a bigger overhaul of UBS's compensation system, they said.
Under California law, workplace illness claims are typically handled in the workers' compensation system.
The obvious mechanism is something like the cheaper no-fault, no-jury workers' compensation system.
Neither firm has a lockstep compensation system that pays partners solely on the basis of seniority.
Independent medical exams are among the most disputed components of New York's troubled workers' compensation system.
Dr. Samuels, an independent medical examiner in the state workers' compensation system, seemed to agree.
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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