Prison life isn't life. It is time in Hell. Any time that a person spends in jail because of a mistake is equal to the time deducted from a person's life. The value of that life has unlimited value. It is not related to anything (e.g his education or earnings) apart from that person's life, apart from the fact that his family would have suffered during his absence. Furthermore, the mark made by his stay in prison, his sufferings, his humiliation, can never be wiped out from his mind. They will haunt him for the rest of his life.
No pecuniary compensation, whatever its amount, will ever be sufficient restitution.
For these reasons, I think the highest possible compensation according to the laws of the country should be awarded.