The Minimum Pay For Labour Or Services - 868 Words

INTRODUCTION According to the Concise Law Dictionary, ‘wage’ means the giving of a security for the performance of anything. The money paid for labour or services usually according to specified interval of work. Wages, in the widest sense, mean any economic compensation paid by the employer, under some contract, to his workers for the services rendered by them. Wages, therefore, include family allowance, relief pay, financial support and other benefits. But, in the narrower sense, wages are the price paid for the services of labor in the process of production and include only the performance wages. They are composed of two parts - the basic wage and other allowances. The basic wage is the remuneration which is paid or payable to an†¦show more content†¦The Committee consisted of representatives of employers, employees and Government. Their task was to enquire into and report on the subject of fair wages to labour. The Committee on Fair Wages, 1948 and 15th Session of Indian Labour Conference (held in July, 1952) have propounded certain methods of wage payment like minimum wage, fair wage, living wage and need based minimum wage. CONCEPT OF MINIMUM, LIVING AND FAIR WAGE AS DEFINDED BY THE COMMITTEE ON FAIR WAGES, 1948 Based on the needs of the workers, the employer’s capacity to pay and the prevailing general economic conditions of the Country, the Committee on Fair Wages, 1948 and 15th Session of Indian Labour Conference (held in July, 1952) have propounded certain methods of wage payment like minimum wage, fair wage, living wage and need-based minimum wage. While the first three methods were described by the Committee on Fair Wages, 1948 which are as follows: Minimum Wage: A minimum wage is a compensation paid to the workers by the employer, irrespective of his ability to pay, for the services rendered by them. The Committee on Fair Wages said that the minimum wages should be such which is sufficient to cover the bare physical necessities of a worker and his family. It must include some measures for education, medical facilities and other amenities. Thus, a reasonable standard of living must be rendered to everyShow MoreRelatedDemand Supply , Examine the Argument in Favour Against Minimum Wage Law in Uk1415 Words   |  6 Pagesthe arguments in favour against minimum wage law in UK*) * *Total words: 1,402 Demand It refers to the willingness and ability of buyers to purchase goods and services at different prices. Supply It refers to the willingness and ability of sellers to provide goods and services for sale at different prices What* *is minimum wage? A minimum wage is the lowest monthly, daily or hourly that employers may legally pay to their employees or workers. OrRead MoreEffects Of Minimum Wage In South Africa708 Words   |  3 Pagesetc. This all relates back to the minimum wage. Minimum wage, defined by Google, is the lowest wage permitted by law or by a special agreement. This raises many questions such as: Is it fair to pay everyone the same minimum wage even though their jobs are different? Many people believe that the minimum wage should not exist and that people should get paid according to the work which they do. The minimum wage is a good law, I believe. A huge percentage of the labour force was paid an hourly wage equalRead MoreMinimum Benefits Of Minimum Wages1399 Words   |  6 PagesMinimum wages are described as  Ã¢â‚¬Å"the minimum amount of remuneration that an employer is required to pay wage earners for the work/services performed during a given tenure, which cannot be reduced by collective agreement or an individual contract†. Minimum wages can be established by statute, competent decision authority, a wage board, a wage council, or by industrial or labour courts.   The significance of minimum wages is to shield workers against disproportionately low pay. They help safeguard anRead MoreMinimum Benefits Of Minimum Wage1359 Words   |  6 PagesMinimum wage is described as  Ã¢â‚¬Å"the minimum amount of remuneration that an employer is required to pay wage earners for the work/services performed during a given tenure, which cannot be reduced by collective agreement or an individual contract†. Minimum wage can be established by statute, competent decision authority, a wage board, a wage council, or by industrial or labour courts.   The significance of minimum wage is to shield workers against disproportionately low pay. They help safeguard an equitableRead MoreGovernment Intervention1560 Words   |  7 Pagesindividual wants them. In this sense, the government is acting paternally in providing merit goods and services. They believe that individuals may not act in their own best interest in part because of imperfect information about the benefits that can be derived. Good examples of merit goods include health services, education, and work training programmes. Why does the government provide merit goods and services? * To encourage consumption so that some of the positive externalities associated with meritRead MoreThe Price Of Minimum Wage1406 Words   |  6 Pagesanalyse and draw conclusions on minimum wage in relation to its standing in business law, we first of all need to define what the meaning of the term is. National minimum wage was introduced in 1998 through the national minimum wage act. This enforced that employers would pay each employee a set value set by the government per working hour. One of the main benefits of this was that the most low skills jobs within society received a fair wage. 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This benchmark was set so that employers would be unable to hire any staff for less than the suggested hourly rate. reduce pay differentials between genders. What is the new minimum wage?: In October 2009, the NMW for workers increased from:  £5.73 to  £5Read MorePros And Cons Of Minimum Wage991 Words   |  4 PagesA minimum wage is the lowest remuneration that employers must legally pay their workers for their services. It is an example of a price floor below which workers may not wish to sell their labour legally. The purpose of minimum wages is to protect workers against low pay. They help ensure an equitable share of profits and a minimum living wage to all who are employed. 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