This article throws light upon the twelve main determinants used for estimating industrial wages in India. The determinants are: 1. Living Wage 2. Nutritive Needs 3. Family Budget Inquiries 4. Relative Wages 5. Leap-Frogging 6. Equal Remuneration for Work of Equal Value 7. Capacity of Industry to Pay and Profits 8. Capacity of Individual Undertakings 9. Company Accounts and Public [...]
This article throws light upon the six main types of incentive wage plans for workers. The types are: 1. Halsay's Plan 2. Rowan Plan 3. Taylor's Differential Piece Rate System 4. Gant’s Plan 5. Merrick’s Multiple Piece Rate System 6. Beadux Plan. Type # 1. Halsay's Plan: It was formulated in 1891 by Mr. F.A, Halsay of America. The plan [...]
In this article we will discuss about the definition of wages and factors affecting it. Definition of Wages: Wages can be defined as a sum of money paid to the staff by the employer for rendering services as per a contract. According to minimum wages act 1948, wages means all remuneration, capable of being expressed in terms of money, which [...]