Explanation:

- Religious theory: This theory believes employee welfare is a moral or religious duty. Employers do welfare out of obligation and compassion, not anticipating any return.

- Policing theory: Here, welfare is provided to avoid employee unrest or dissatisfaction, similar to maintaining order in society.

- Appeasement theory: According to this, welfare is offered to appease employees and avoid grievances, unhappiness, or disputes, but not viewed directly as investment.

- Benevolence theory: This considers welfare as a sign of the employer’s goodwill, without expecting any direct financial return.

- Employee welfare as an investment that would return to the employer in other forms (like loyalty, productivity) fits with the Benevolence theory, as it believes welfare efforts will eventually benefit the employer.

Correct Answer: Option 4 - Benevolence theory