Wages Meaning And Concept

But the term real wages refers to the commodities and services that the money wages can provide. The concept earnings relates to remuneration in cash and in kind paid to employees as a rule at regular intervals for time worked or work done together with.

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MINIMUM WAGES minimum living cost minimum level of subsistence which includes food clothing and shelter fixed by the government in consultation with business organizations and trade unions Under Minimum Wages Act 1948 under which farm laborers to b e paid a minimum wage between 66 paise and rs.

Wages meaning and concept. The term wages may be used to describe one of several concepts including wage rates straight-time average hourly earnings gross average hourly earnings weekly earnings weekly take home pay and annual earnings. The basic wage is the remuneration by a way of basic salary and allowances by which is paid or payable to an employee in terms of his contract of employment for the work done by him. There are two main kinds of wages- 1 Nominal wages and 2 Real wages.

Salary implies the compensation paid to the employee by the employer on a monthly basis for the services rendered. The term wages refer to payments for services whether manual or mental based on hours of work or quantity of output. Know and Understand the Wages and their Introduction Meaning Definition Types and Methods.

The term nominal wages refers to money wages. Hansen Wage rate is the price paid for the use of labour -Mc Connell. This video consists of concepts objectives and functions and types of Wage.

Minimum wages can be set by statute. Allowances on the other hand are paid in addition to the basic wage to maintain the value of basic wages over a period of time. It does not include overtime payment.

Wages are the reward paid to the worker for his labor. Wages are the remuneration or reward for labour. There are different theories on the concept of wages as enunciated by economists and sociologists which explain various aspects of wage problems.

Wage is a remuneration to labor for the work done for the service rendered by it to the employer. 1 This definition refers to the binding nature of minimum wages regardless of the method of fixing them. Chapter 2 Wages ConceptsThe term wages may be used to describe one ofseveral concepts including wage rates straight-timeaverage hourly earnings gross average hourlyearnings weekly earnings weekly take home payand annual earningsThe term.

Definition of minimum wage - What it is Meaning and Concept Get link. The rate at which wage received by a worker on the basis of the unit time or production. Real wages depend on.

Wages refers to a definite consistent remuneration earned by a blue-collar worker generally on a daily basis. WAGES AND SALARY ADMINISTRATIONChapter 2 Wage Concepts and Theories 2. Earnings are the total amount of remuneration received by an employee during a given period.

The term labor as used in Economics has a. Wages concept 1. Concepts and Theories 1.

It is beneficial for all those students who are the students of BCom I BA. July 17 2020 The Latin word salarĭum came to our language as salary The concept is used to name the remuneration that an individual receives so Periodic to do some workThe word salary derives from salt. Meaning and Definition of Wage According to Section 2h of the Minimum wages Act.

A wage may be defined as the sum of money paid under contract by an employer to worker for services rendered -Benham Wages is the payment to labour for its assistance to production -AH. There is no reason to assume that fair wages fixed years ago should continue to be fair wages for al time and any fixation of minimum wages should be taken not as minimum wages but as fair wages because it is above the fair wages once fixed. As such the wage andor salary can be defined as the direct remuneration paid to an employee compensating his services to an organization.

Salary is also known as basic pay. 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. However these theories are.

In ancient times salt was very valuable and was used as a. Normally the term wages is used to refer to payment made for services given by manual labour or non-supervisory and non- clerical staff. The Concept of fair wages was to be dynamic.

The standard of living of workers relies on real wages and not on money wages.

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