Meaning of the word "annual bonus" in English

What does "annual bonus" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

annual bonus

US /ˈæn.ju.əl ˈboʊ.nəs/
UK /ˈæn.ju.əl ˈbəʊ.nəs/

Noun

an amount of money added to someone's wages, especially as a reward for good performance, paid once a year

Example:
Employees are hoping for a generous annual bonus this year.
The company announced that the annual bonus would be paid out next month.