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"money compensation" is correct and usable in written English.
You can use it when referring to a payment or reward given as a result of a contract, agreement or settlement. For example, "The victim was given money compensation for the wrong done to her."
Exact(10)
Damages, in law, money compensation for loss or injury caused by the wrongful act of another.
Blood money, compensation paid by an offender (usually a murderer) or his kin group to the kin group of the victim.
See The Lord Derby, 17 F. 265, 267 (ED La. 1883) (To many people the shock to the system resulting from the most insignificant bite of a dog drawing blood is such that no money compensation is adequate).
In other Islamic countries that use sharia law as a basis for the legal code, blood money compensation is allowed only in compensation and inheritance cases, not for criminal sentences.
Despite legislation decreeing that all religions are entitled to equal blood money (compensation) awards, Zoroastrians say that, in reality, they still receive only half the sums given to Muslims.
First of all, here's a chart, which reflects national averages not Wisconsin ones but is interesting anyway, comparing public- and private-sector workers' wages (I assume whoever made this chart means wages specifically, which refers to money compensation only and not benefits).
Similar(50)
Trade unions are protesting against staff cuts, although the president has set aside money for compensation.
Harvard prefers to compare its money managers' compensation to that awarded in the private sector.
She said the authorities had also offered the family money as compensation for Mr. Xue's death.
However, the asset plan allows the bank to save money on compensation this year, which benefits shareholders, a spokeswoman said.
The properties and their contents have been sold to raise money for compensation of Madoff's victims.
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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