B.Sc Notes

What is Non-monetary incentives | Forms of Non-Monetary Incentives

Meaning of Non-monetary incentives
Meaning of Non-monetary incentives

Meaning of Non-Monetary Incentives

Non- monetary incentives are offered with a view to attract better employees, to encourage loyalty, reduce labour turnover, promote better health and reduced absenteeism so as to build up a happy and contented staff.

Non-monetary incentives are sometimes provided free of cost while in some other cases, it may be subsidized. This usually takes the following forms;

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1. Educational facilities for training the employees or to educate children of employees.

2. Financial assistance in respect of housing.

3. Medical facilities.

4. Transport facilities.

5. Recreational facilities.

6. Co-operative societies.

7. Leave travel concession.

8. Contribution to P.F. Gratuity etc.

9. Free uniforms.

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