Various concept of wages under the Minimum Wages Act, 1948.
Various concepts of wages or types / kinds of wages under the minimum wages act, 1948. In order to know about the types of wages, we need to understand about the wage - structure. In general, wages can be categorized into three main types:- 1) Minimum Wage. This wage provides bare subsistence and is at poverty-line level. 2) Fair Wage. This wage is little above than minimum wages. 3) Living Wage. This wage provide comfort level. Important Case Law:- Kamani Metals and alloys Vs. Their Workmen. As per this case, Supreme Court states certain principles on which wages are fixed:- The first principle states that, minimum wages should be paid irrespective of Company's extent of profit, financial condition of establishment and availability of workmen. Minimum wages are the lowest limit of wages and the rate of these wages cannot further sink. Minimum wages are independent wages and it applies to all industries whether big or small. The second principle states that, Fair wages...