The meaning of wages as defined by the Payment of Wages Act, 1936.
The meaning of wages as defined by the Payment of Wages Act, 1936. Section 2 (vi) of the Payment of wages, 1936 Act defines wages as :- "Remuneration refers to any form of payment, whether it's in the form of salaries, allowances, or other benefits, provided to employees in exchange for fulfilling their job duties." Wages Include:- 1) Remuneration in the form of award. ( Award means remedy or compensation which is either given by court orders or settled by parties through friendly settlement.) 2) Remuneration which a person is entitled for overtime work, holidays, any leave period. 3) Additional Remuneration (such as remuneration as bonus, contract, award by settlement or by court order etc.) paid under terms of employment. 4) The sum payable to employee during the termination of employment. 5) the sum payable to the employees through some schemes which are in existence for a long period of time. Wages does not include :- 1)...