In HR and Payroll, awards and prizes refer to monetary and non monetary benefits given to employees. The amount of tax owed is determined by the value of the award or prize and other factors.
Monetary rewards and Prizes refer to the reward in the form of money or currency notes/payments through check etc.
However these can be given by the employer in the form of a local or foreign trip for employee alone or with family, cash rewards for the children of the employees seeking good grades in education, airfares, travel grants, clubs’ membership for free; and etc. Promotions, in some cases, to the next higher grades/positions covering monetary benefits can moreover be under the flag of monetary award(s).
Non Monetary Awards and Prizes are the Certificates of Appreciation, Employee of the Month Badge on the chest or on notice boards, non monetary honorary memberships of the associations, name inclusion in the board of directors without having any monetary benefits, and similar.