Incentives :
In addition to regular wages, monetary and non-monetary incentives are offered to workers. The purpose is to motivate workers to take more interest in the work, give more production and raise the profitability of business unit. Such incentives are offered by the management. There are individual incentive plans (Halsay plan, Rowan plan, etc.) and group incentive plans (profit sharing). Worker are interested in such intensives as they get additional money. Which can be used for raising the standard of living. Such incentives may be monetary (bonus payment, special allowances, full pay leave, leave encashment etc.) or non-monetary (liberal welfare facilities, sports and recreation facilities, scholarships to children of workers, medical aid, etc.). Companies earning huge profits can offer liberal incentives to employees. This creates efficient / satisfied labour force of the company.
Important incentives offered to Indian workers are as noted below :
(1)Â Â Â Â Provident fund and gratuity benefits.
(2)Â Â Â Â Annual attendance reward.
(3)Â Â Â Â Provision of pay with leave, medical allowance, benefit of group insurance and welfare facilities.
(4)Â Â Â Â Travel grant for tours / visit to native place.
(5)Â Â Â Â Encashment of leave.
(6)Â Â Â Â Housing and transport facilities.
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