the labour paid per hour to 10labourers are respectievly rupees 3.50,4.00,4.25,3.00,4.60,3.90,4.50,3.60,5.00,3.75 . find the average labour by direct method and shortcut method
Answers
Step-by-step explanation:
Number of wage earner in firm A=586
Mean of monthly wage of firm A=Rs5253
Mean of monthly age of firm A =
No. of wage earners in firm A
Total amount paid
5253=
586
Total amount paid
Total amount paid by Firm A =5253×586
Number of wage earner in firm B=648
Mean of monthly wage of firm B=Rs5253
Mean of monthly age of firm B =
No. of wage earners in firm B
Total amount paid
5253=
648
Total amount paid
Total amount paid by Firm B =5253×648
Clearly, firm B paid larger amount as monthly wage.
(ii) Variance of the distribution of wages in firm A (σ
1
2
)=100
∴ Standard deviation of the distribution of wages in firm A(σ
1
)=
100
=10
Variance of the distribution of wages in firm B(σ
1
2
)=121
∴ Standard deviation of the distribution of wages in firm B(σ
2
)=
121
=11
The mean of monthly wages of both the firms is same i.e.5253. So, the firm with greater standard deviation will have more variability.
Thus firm B has greater variability in the individual wages
Answer:
Minimum wages have been defined as “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract”.1
This definition refers to the binding nature of minimum wages, regardless of the method of fixing them. Minimum wages can be set by statute, decision of a competent authority, a wage board, a wage council, or by industrial or labour courts or tribunals. Minimum wages can also be set by giving the force of law to provisions of collective agreements.
The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection. Minimum wages can also be one element of a policy to overcome poverty and reduce inequality, including those between men and women, by promoting the right to equal remuneration for work of equal value.
Minimum wage systems should not be seen or used in isolation, but should be designed in a way to supplement and reinforce other social and employment policies. Several types of measures can be used to tackle income and labour market inequality, including pro-employment policies, social transfers, and creating an enabling environment for sustainable enterprises.
The purpose of a minimum wage, which sets a floor, should also be distinguished from collective bargaining, which can be used to set wages above an existing floor. Figure 1 shows a hypothetical wage distribution with a "minimum wage zone" and a "collective bargaining zone" which can be used to establish minimum standards and to set wages above an existing floor.
Figure 2 illustrates that the effectiveness of minimum wages depends on many factors, including the extent to which they afford protection to all workers in an employment relationship, including women, and youth and migrant workers, regardless of their contractual arrangements, as well as all industries and occupations in the economy (coverage); whether they are set and adjusted at an adequate level that covers the needs of workers and their families, while taking into account economic factors (level); and whether employers comply with minimum wage regulations (compliance).