Being in charge of managing a company’s finances is an important responsibility. It affects how much money employees will be able to take home every week and what kind they’ll receive, but it also has some less obvious effects on morale for workers at different levels within the organization depending on whether or not there have been any recent changes with pay rates that could drive employee motivation down.
What Are Pecuniary Losses?
The literal definition of the word pecuniary is “relating to money.”
When we discuss pecuniary damages or losses it usually related to a personal injury or damages civil suit and is talking about specific and tangible losses.
Another term you may hear to describe pecuniary losses is “economic damages.”
Common examples of pecuniary damages
- Ambulance bills,
- Emergency room bill,
- Doctor bills,
- Hospital bills
- Lost wages, and
- Car repair costs.
Pecuniary damages are different from non-pecuniary damages because non-pecuniary losses, or non-economic damages because they are damages that are not economic in nature, yet still affect a person’s lifestyle and enjoyment of life.
They cannot be quantified mathematically in the same way that pecuniary losses can be. Pecuniary damages are objective in nature, non-pecuniary damages are more subjective.
Common examples of non-pecuniary damages include:
- Pain and suffering,
- Emotional trauma,
- Diminished quality of life, and
- Permanent impairment and disfigurement.