Variable compensation component &1 for area &2 on &3 does not exist

What causes this issue?

The variable compensation component specified was not found. Variable
compensation components are defined by compensation area.
These are, generally, only valid during a given period of time.
No entry was found for this combination of component, area and date.

System Response

The system returns an error and requests a valid value.

How to fix this error?

Check that your entry for the variable component is correct. If so,
please consult your customizing entries for variable components.

Procedure for System Administrators

The system attempted to locate an entry in the variable compensation
table T71C02 and was unsuccessful. Check that the user has entered a
valid value for the component and that a corresponding entry exists in
the customizing table for the compensation area and date requested.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.