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2017•International Education and Research JournalOpen access

COMPARATIVE STUDY OF THE FAIR WAGE, LIVING WAGE AND MINIMUM WAGE IN CONTEXT WITH MINIMUM WAGE LEGISLATION IN INDIA

Nandkishor K. Ramteke

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Abstract

Wages are an essential element for workers well being. The must be paid which fulfilled the basic needs of employees. This paper discussed three the concepts of i.e. fair wage, living wage and wage . These three concepts used in various countries accordance with their social, economical and geographical condition. The wage is dynamic concept. The wage is the wage which is sufficient to cover the bare physical needs of worker and his family.  The term minimum wages is used in a variety of ways throughoutthe world. India is one of the countrieswhich adopted the concept of wage accordance with guidelines of ILO.This paper highlights the issues and concerns relating to fair wage, living wage and wage and their correlation between wage legislation in India.

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What this paper is about

Wages are an essential element for workers well being. The must be paid which fulfilled the basic needs of employees. This paper discussed three the concepts of i.e. fair wage, living wage and wage . These three concepts used in various countries accordance with their social, economical and geographical condition. The wage is dynamic concept. The wage is the wage which is sufficient to cover the bare physical needs of worker and his family.  The term minimum wages is used in a variety of ways throughoutthe world. India is one of the countrieswhich adopted the concept of wage accordance with guidelines of ILO.This paper highlights the issues and concerns relating to fair wage, living wage and wage and their correlation between wage legislation in India.

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Available abstract

Wages are an essential element for workers well being. The must be paid which fulfilled the basic needs of employees. This paper discussed three the concepts of i.e. fair wage, living wage and wage . These three concepts used in various countries accordance with their social, economical and geographical condition. The wage is dynamic concept. The wage is the wage which is sufficient to cover the bare physical needs of worker and his family.  The term minimum wages is used in a variety of ways throughoutthe world. India is one of the countrieswhich adopted the concept of wage accordance with guidelines of ILO.This paper highlights the issues and concerns relating to fair wage, living wage and wage and their correlation between wage legislation in India.

Key concepts: Wage, Living wage, Minimum wage, Legislation, Efficiency wage, Wage share, Economics, Compensating differential

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