What are the public policy considerations in wage policies? State the practical difficulties, if any,
translating the lofty ideals into action.
The key considerations in Public Policy concerning wages/salaries in India may be identified as ollowing:
End exploitation and provide remuneration to capital and labour such that "while in the interests of the consumers and the primary producers excessive profits should be prevented by suitable measures of taxation and otherwise, both will share the product of their common effort after making provision for payment of fair wages to labour, a fair return on capital employed in the industry and reasonable reserves for the maintenance and expansion of the undertaking" (Industrial Truce Resolution, 1947)
) A living wage, conditions of work ensuring a decent standard of life and full enjoyment of leisure and social and cultural opportunities ..." (Constitution of India, Article 43) The Fair Wages Committee observed that IA living wage should enable the male earner to provide for himself and his family not merely the bare essentials of food, clothing, and shelter but a measure of frugal comfort including education for the children, protection against ill-health, requirements of essential needs and a measure of insurance against the more important misfortunes including old age.
Fix statutory minimum wages in sweated industries and promote fair wage agreements in the more organised industries (Industrial Policy Resolution, 1948)
) Ensure equal pay for equal work (Constitution of India)
Provide for wage differentials
Regulate wages and salaries to eliminate/reduce undue disparities
) Link remuneration to productivity
) Compensate for rise in cost of living
Determine fair wages over and above minimum wages with due regard to ( the productivity of labour; (i the prevailing level of wages; (ii the level of national income and distribution; and (iv) the place of industry in the economy of the country. According to the Fair Wages Committee, &minimum wage must provide not merely for the bare substance of life but for the preservation of the efficiency of the worker. The minimum wage must also provide for some measure of education, medical requirements and amenities.’?Fair wage should be above minimum wage and below living wage. While the lower limit of the fair wage must obviously be the minimum wage, the upper limit is equally set by what may broadly be called the capacity of the industry to pay.
The capacity to pay. However, Supreme Court ruled that `an employer who can not pay minimum wages has no right
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