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