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Fair WagesCompensation Management
Prepared By
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Manu Melwin JoyAssistant Professor
Ilahia School of Management Studies
Kerala, India.Phone – 9744551114
Mail – [email protected]
Fair Wages• A fair wage is something
more than the minimum
wages. Fair wage is a
mean between the living
wage and the minimum
wage.
Fair Wages• While the lower limit of the
fair wage must obviously be the minimum wage, the upper limit is the capacity of the industry to pay fair wage compares reasonably with the average payment of similar task in other trades or occupations requiring the same amount of ability.
Fair Wages
• Fair wage depends on
the present economic
position as well as on its
future prospects.
Fair Wages• The fair wages depends
upon the following factors :
– (1) Minimum Wage
– (2) Capacity of the industry to
pay
– (3) Prevailing rates of wages in
the same or similar
occupations in the same or
neighboring localities
Fair Wages• The fair wages depends
upon the following factors :
– (4) Productivity of labor.
– (5) Level of national income
and its distribution.
– (6) The place of the industry in
the economy of the country.
