The Minimum Pay For Labour Or Services

868 Words4 Pages
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

More about The Minimum Pay For Labour Or Services

Get Access