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Wages: Submitted To

Wages refer to money paid to employees for work on a daily or weekly basis, as opposed to salary which is paid monthly. Wages are dependent on hours worked, while salary is fixed. Being paid wages provides some advantages like incentives for good performance and opportunities to earn more, but also disadvantages like less benefits and job security compared to salary. Various factors influence wages, including supply and demand of labor, laws, ability to pay, job nature, and cost of living. Common types of wages include piece wages, time wages, and contract wages. Key laws related to wages in India are the Minimum Wages Act, Payment of Wages Act, and Equal Remuneration Act.

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Manthan Ashutosh Mehta
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64 views12 pages

Wages: Submitted To

Wages refer to money paid to employees for work on a daily or weekly basis, as opposed to salary which is paid monthly. Wages are dependent on hours worked, while salary is fixed. Being paid wages provides some advantages like incentives for good performance and opportunities to earn more, but also disadvantages like less benefits and job security compared to salary. Various factors influence wages, including supply and demand of labor, laws, ability to pay, job nature, and cost of living. Common types of wages include piece wages, time wages, and contract wages. Key laws related to wages in India are the Minimum Wages Act, Payment of Wages Act, and Equal Remuneration Act.

Uploaded by

Manthan Ashutosh Mehta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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WAGES

Submitted To:- Submitted By:-


Ms. Rajshree Sharma Manthan Mehta
(Assistant Professor) (MBA DUAL 2nd Sem)
WAGES

 Wage Refers To an Amount Of Money


Given To An Individual For Work Or
Services Which Is Given On A Daily Or
Weekly Basis.
What is the difference between
Wage & Salary

 Salary
is paid on a monthly basis and is
independent of the number of hours
 Wage is paid on the basis of number of hours
of work, hence is given on weekly basis and
the person getting the wage is a non-exempt
employee.
Advantages of Being an
Employee on Wage

 Opportunity to earn more and henceforth


raises the standard of living.
 Incentives act as a reward for good
performance of an employee.
 Encourages the workers to work well.
 Management & workers on a common page
setting a cooperative mutual goal for both.
Disadvantages of Being an
Employee on Wage

 Earn less for more work compared to their salaried


counterparts.
 They do not get (or) get less benefits in terms of the perks.
 They don’t have any job security..
 Suffer due to improper safety conditions at the workplace.
Factors Influencing Wages:

 Demand and Supply of Labor.


 Legal Provisions.
 Ability to Pay.
 Nature of Job.
 Working Hours.
 Cost of Living.
 Type of Employment.
Types of Wages

 Piece Wages

 Time Wages

 Cash Wages

 Wages in Kind

 Contract Wages
LAWS RELATED TO WAGES

The Minimum Wages Act, 1948

The Payment of Wages Act 1936

The Equal Remuneration Act 1976


The Minimum Wages Act, 1948

 Govt. prescribes minimum rates of wages in


certain unorganized employments specified
under The Minimum Wages Act.
 The minimum wage can be fixed by hour, day,
month or such other long period.
 The real aim of the Minimum wages Act is to
prevent exploitation of labor through payment
of unduly low wages.
 The implementation of the act is not
satisfactory.
The Payment of Wages Act 1936

 The main object of the act is to ensure regular


and prompt payment of wages and to prevent
unauthorized deductions from wages.

 The act is applicable to persons employed in


factories/industrial establishments and drawing
less than the specified pay.
The Equal Remuneration Act 1976

 The main object of this act is to prevent


discrimination in remuneration on the basis
of sex.
 Itis the duty of the employer to pay equal
remuneration to men and women workers for
the same work or work of a similar nature.
 No discrimination is to be made against
women in recruitment and in conditions of
service.
THANK YOU

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