Fair wages - compensation management - Manu Melwin Joy

A fair wage is something more than the minimum wages. Fair wage is a mean between the living wage and the minimum wage.

1. Fair Wages Compensation Management

2. Prepared By Kindly restrict the use of slides for personal purpose. Please seek permission to reproduce the same in public forms and presentations. Manu Melwin Joy Assistant Professor Ilahia School of Management Studies Kerala, India. Phone – 9744551114 Mail – [email protected]

3. Fair Wages A fair wage is something more than the minimum wages. Fair wage is a mean between the living wage and the minimum wage.

4. Fair Wages While the lower limit of the fair wage must obviously be the minimum wage, the upper limit is the capacity of the industry to pay fair wage compares reasonably with the average payment of similar task in other trades or occupations requiring the same amount of ability.

5. Fair Wages Fair wage depends on the present economic position as well as on its future prospects.

6. Fair Wages The fair wages depends upon the following factors : ( 1) Minimum Wage ( 2) Capacity of the industry to pay (3 ) Prevailing rates of wages in the same or similar occupations in the same or neighboring localities

7. Fair Wages The fair wages depends upon the following factors : (4) Productivity of labor. (5 ) Level of national income and its distribution . ( 6) The place of the industry in the economy of the country.