A reputed hostel, GyanPradan provides medical aid and free education to children of its employees. Which incentive is being highlighted here? State its category and name any two more incentives of the same category.
GyanPradhan is offering a financial incentive of fringe benefits.It includes housing, medical aid, education to the children over and above the salary.
Other examples of nonfinancial incentives are:
a. Co partnership-The employees are offered companies share at a price lower than the market price. The management may also allot a share in line of various incentive payable in cash. This would create a feeling of ownership in the employee and make them contribute to the organization's growth.
b. Retirement benefits-It includes pension, gratuity fund, retirement provident fund. It provides security for retirement as well as serves as an incentive for the time they have spent working in the organisation.