In this essay we will discuss about the classification of wage trend in India. Classification of Wage Trend in India: Essay on the Wage Trend in Working Class and Wages in Ancient India –Hindu Period Essay on the Wage Trend in Medieval India –Muslim Period (1194-1707) Essay on the Wage Trend in British India-(1707-1946) Essay on the Wage Trend in [...]
In this article we will discuss about the definition of wages and factors affecting it. Definition of Wages: Wages can be defined as a sum of money paid to the staff by the employer for rendering services as per a contract. According to minimum wages act 1948, wages means all remuneration, capable of being expressed in terms of money, which [...]
This article throws light upon the four main theories of wages. The theories are:- 1. Subsistence Theory. 2. Wage Fund Theory. 3. Marginal Productivity Theory. 4. The Bargaining Theory of wages. 1. Subsistence Theory: It states that wages tend to keep to a level that will provide the workers only with bare subsistence. If wages for a time rise above [...]