What are the different types of wage fixation methods of india?
Answers
The different strategies which the administration has embraced to direct wages in India are the accompanying:
• Suggesting and setting Minimum Wage Rates by setting up laws such as the Act of Law for minimum wages.
• Providing for preventive measures to stop discrimination in wages in basis of gender.
• Establishment of laws and regulations for wage payment which suggest the kind of deductions are permissible and what would be construed as unfair.
• Establishing institutional remedies for wage dispute settlement.
Job evaluation, wage boards, collective bargaining, and others are different types of methods through which wage is fixed.
Explanation:
- When an individual joins an organization and is designated to perform a specific job, he or she is entitled to get paid as a remuneration for the job done.
- This monetary value is known as the wage or salary. This salary is not fixed due to random ideas but a specific and logical process is present to arrive at a wage amount.
- Several methods are used to determine that – like collective bargaining. Creation of wage boards, evaluation of the jobs and finally the legislative guidance.
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