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 every
Minimum wage Laws
Minimum wage Law is the body of laws that prohibit employers from hiring labour less than the threshold set by the government. According to concise encyclopedia of economics, minimum wage policy was first invented in Australia and New Zealand with the purpose of guaranteeing a minimum standard of living for unskilled workers. As earlier noted above, there are number divergent views as to the concept of wages control. Some economist believe that minimum wage legislation is socially
the 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
Minimum wage is described as “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 equitable
Minimum wages are described as “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 an
The Disadvantages of Minimum wage are:
Damage to the labour market: As seen in the above graph, with a minimum wage there will be an increase in labour supply and decrease in labour demand resulting in damage to the labour market as workers will not be able to find jobs. Resulting in non-price competition, such as personal connection, experience, age would replace price competition making it even tougher to find jobs.
Damage to the poor: To earn the minimum wage a labour must have a job to support
generally pay general labourers minimum wage or close to minimum wage, but wages increase for more specialized labourers. Organizations like VI Labour Services (2017) and Rhino Labour (2017) provide temporary labour services on Vancouver Island whereas other organizations like Workforce (2017) and Trades Labour Corporation (2017) have locations across the country and in the United States. Rhino Labour (2017) offers daily pay while Trades Labour Corporation (2017) offer daily and weekly pay but gives
Final Paper
Is Minimum Wage a good idea?
Introduction / Thesis Statement:
Minimum wage is the lowest or minimum compensation for workers by their employers. As such, it has a noticeable impact on the economy through various channels including standard of living, business efficiency, wage and income inequality, etc. Although minimum wage has many positive effects such as increasing the standard of living as well as reducing inequality, there are also many drawbacks to having a minimum wage such as
people have inaccurate, incomplete, uncertain or misunderstood data and so make potentially ‘wrong’ choices. Government action can have a role in improving information to help consumers and producers value the ‘true’ cost and/or benefit of a good or service. Examples might include:
* Compulsory labeling on cigarette packages with health warnings to reduce smoking
* Improved nutritional information on foods to counter the risks of growing obesity
* Anti speeding television advertising to
detailed examination of the Jamaican Labour Laws
HRNM 6015/ HR67A Industrial Relations and Negotiations
(Semester II: 2013)
University of the West Indies
Department of Social Sciences
An exploration into whose interest is served by the law and the reality of a class bias.
04-029353
Submitted as partial completion of the requirement for the Masters of Science Degree Human Resource Development at the UWI (Mona)
Introduction
Labour law in the Caribbean and Jamaica in particularly
examination of the Jamaican Labour Laws
HRNM 6015/ HR67A Industrial Relations and Negotiations
(Semester II: 2013)
University of the West Indies
Department of Social Sciences
An exploration into whose interest is served by the law and the reality of a class bias.
04-029353
Submitted as partial completion of the requirement for the Masters of Science Degree Human Resource Development at the UWI (Mona)
Introduction
Labour law in the Caribbean