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04/11/2023
A wage is a compensation, usually financial, received by workers in exchange for their labor.
WAGES
04/11/2023
The minimum amount of compensation an employee must receive for performing labor.
These are fixed by state governments with regard to industries and the employer has to pay at least this much of wages (generally @ per day).
These are generally revised every two / five years based on recommendations of a wage board (different for different industry) for this purpose .
MINIMUM WAGES
04/11/2023
• To provide minimum wages to the workers working in organized sector.
To stop exploitation of the workers .To empower the government to take steps for fixing minimum wages and to revise this wages every two years.
Objective…
04/11/2023
[email protected] theoretical wage level that allows the earner to afford adequate shelter, food and the other necessities of life.
A living wage is a wage which is based upon the cost of living in an area, rather than an arbitrary minimum.
Under an ideal living wage, someone who works an ordinary 40 hour per week job would be able to afford shelter, food, health care, and other basic necessities of life.
The amount of a living wage could potentially vary quite a bit, as standards of living are different in different parts of the world, and the overall cost of living is also subject to extreme fluctuation
LIVING WAGES
04/11/2023
Fair Wage is a mandatory minimum wage set at rates which are very similar to those paid to unionized labour doing the task in question.
Fair wages is an adjustable step that moves up according to the capacity of the industry to pay, and the prevailing rates of wages in the area of industry.
FAIR WAGES
The Fair Wages Committee in this connection observed : the objective is not merely to determine wages which are fair in the abstract, but to see that employment at existing levels is not only maintained, but if possible, increased. From this point of view, it will be clear that the levels of the wages should enable the industry to maintain production with efficiency. The capacity of industry to pay should, therefore, be assessed by the Wage Boards in the light of this very important consideration.
The Fair Wage Committee appointed by the Government of India, as stated earlier, drew a distinction between a minimum and a living wage and observed that the minimum wage is less than the living wage. With regard to the fair wage, the Committee recommended that it should be above the minimum wage and below the living wage.
Objectives….
04/11/[email protected]
