Write a note on concept of wages

12 Main Objectives of National Wage Policy in India – Explained!

These variables are such as demand and supply of labour, the market rate, etc. There is no doubt that the standard of living theory is an improvement on the subsistence theory.

Man is different from an animal. However, labour alone cannot produce as most of the production is the result of joint efforts of different factors of production. Therefore, in achieving a socialistic pattern of society, the needs for proper rewards to the working class of the countryman never is over emphasised.

Second, there always exists the fear of the mistake of double counting, and write a note on concept of wages the national income cannot be correctly estimated.

The value of changes in inventories may be positive or negative which is added or subtracted from the current production of the firm. For example, it may insist that only members of a trade union should be employed.

Disposable income or personal disposable income means the actual income which can be spent on consumption by individuals and families. To permit bilateral collective bargaining within national framework so that high wage islands are not created. When the price level rises, the national income also rises, though the national production might have fallen.

Real wages also include extra supplementary benefits along with the money wages. Money wages are also known as nominal wages.

For instance, it can tell us whether agriculture is contributing more or the share of manufacturing is falling, or of the tertiary sector is increasing in the current year as compared to some previous years.

Compulsory conciliation and arbitration. If, instead he keeps some produce for his self-consumption, it has money value which must be included in national income.

Net National Product at market prices is the net value of final goods and services evaluated at market prices in the course of one year in a country.

Personal income is never equal to the national income, because the former includes the transfer payments whereas they are not included in national income. Cash wages refer to the wages paid to the labour in terms of money. Three approaches are employed for this purpose. However, all such expenses including the salaries of armed personnel are included in national income.

Similarly, horse-racing is a legal activity in England and is included in national income. Remember, it is the change in inventories and not total inventories for the year that are taken into account in national income estimates.

ECON - Notes on Keynesian Economics. Leading character: John Maynard Keynes. Published The General Theory of Employment, Interest and Money in Basic point was that recessions and depressions can occur because of inadequate aggregate demand for goods and services.

Top 7 Theories of Wages – Explained!

Copied! I appreciate your offering me the position of Section Head of Shipping at Doe. I look forward to working with you. Unfortunately the salary you offered me is lower than I feel I can accept. This factsheet contains a set of guidelines on how to write a concept note, offering also a template to help you drafting an eye catching document to ensure the success of your project.

The length and the format for writing a concept note actually depend upon the donor agency. Usually donors do not have a format for a concept note as they. The main objective of wage and salary administration is to establish and maintain an equitable wage and salary system.

Concepts of Minimum Wage, Fair Wage and Living Wage

This is so because only a properly developed compensation system enables an employer to attract, obtain, retain and motivate people of required calibre and qualification in his/her organisation.

1) Introduction - Wage is a remuneration to labor for the work done for the service rendered by it to the employer. There are different theories on the concept of wages as enunciated by economists and sociologists, which explain various aspects of wage problems.

Write a note on fixing of minimum rates of wages.

CONCEPT OF WAGE & SALARY ADMINISTRATION. By, Amit Wani Roll No.: 58 Definition of Wages & Salary • Base wages and salaries are defined as the hourly, weekly and monthly pay that employees receive for their work in and Organization/5(3).

Write a note on concept of wages
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