Question

discuss the factor influencing wage rate system​

Answer 1

Answer:

Demand and Supply of Labor

Explanation:

Demand and supply is one of the important factors which influence the wage rates. If the number of workers required is more than availability of workers, then employees will be paid higher rate of work and vice versa.

Answer 2

Answer:

. Demand and Supply of Labor: Demand and supply is one of the important factors which influence the wage rates. If the number of workers required is more than availability of workers, then employees will be paid higher rate of work and vice versa.

Factors Influencing Employee Remuneration

External Factors. Labour Market. Cost of Living. Labour Unions. Labour Laws. Society. The Economy.

Internal Factors. Business Strategy. Job Evaluation and Performance Appraisal. The Employee.

The following factors should be taken into consideration in determining wage and salary structure of workers:

(i) Labour Unions:

(ii) Personal perception of wage:

(iii) Cost of living:

(iv) Government legislation:

(v) Ability to pay:

(vi) Supply and demand:

(vii) Productivity:

Specifically, the components of remuneration to an employee's comprise wages or salaries, incentives, fringe benefits, perquisites and non-monetary benefits.

Four of the most prominent factors that affect wage differentials are:

human capital.

working conditions.

discrimination.

government actions.