surplus manpower and wages and Bihar and West Bengal pay relative high wages despite a high unemployment ratio. This is one of the reasons why the ILO is working to strengthen union rights worldwide. Essay on Wage Determination in India. Before, she was quite comfortably off, but now she cannot afford to do the things she would like to do with her daughter.
Essay work Work takes an important place in life.
The better you work the more you get paid.
Now education costs much, so if we want to provide our children with excellent knowledge we should think of higher wages, because the work always feeds.
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As the cost of investment increases, company need to spend more it decreases the revenue of the company. Moreover, a wage rise may squeeze the recent element or unearned income in the profit and therefore it may not necessarily erode the true economic surplus. Contrary to this, what is happening in LDCs like India is that planners preoccupied with growing unemployment and poverty hastily advocate crash employment programmes (or special employment schemes) without properly integrating them with the overall development strategy. Additionally, the effects of a wage rise on the consumption demand, health, efficiency and productivity of the working class are totally ignored in discussing the links between higher wages and lower Volumes of employment. 2.0 Effects of minimum wage.1.0 Benefits of minimum wage.1.1 Reduce poverty, by introducing the minimum wage, poverty levels may be reduced. (7) Agricultural sector labour market. According to PricewaterhouseCoopers-Mxico, the minimum wage is determined every year by the National Minimum Wage Commission. From a workforce points in my thesis main planning perspective, however, minimum wage rates are not terribly useful in isolation. As globalization intensifiesand as more countries establish legal minimum wage ratesHR professionals in global operations should familiarize themselves with minimum wage rates through data from public and private sources. Eliminating the effect of industry-mix in a regions relative wage position, the extent of variation in wage rates among the 15 States turns out to be only around 9 per cent, as against 25 per cent in actually observed differentials. "Effects And Benefits Of Minimum Wage Economics Essay.".
According to its research, an estimated 90 percent of countries have minimum wage policies. 2.2.3 Increase cost of investment, minimum wage will increase the cost of investment for a company where it has to pay more to their workers and this will increase cost of production which increases the cost of investment. The wage rate is determined by the market forces as it is considered a perfectly competitive market. Through balancing the minimum wage levels, it may help to stimulate economic growth and welfare of life.