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Wages and its types
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WAGES AND ITS TYPES
AAKASH MARAN
123071001
SCHOOL OF MANAGEMENT
WAGES - TERM DEFINITION
- The regular amount of money that you earn for a week's work.
DEFINITION
- A payment usually of money for labor or services usually according to contract and on an hourly, daily, or piecework basis
DIFFERENCE BETWEEN SALARY AND WAGES
SALARY
VS
WAGES
Wages are hourly or daily payments for work done during the working day. The main difference between salary and hourly wage is that salaries are a fixed upon payment agreed to by both the employer and employee. Wages, on the other hand, may vary depending on hours worked and performance.
MINIMUM WAGES ACT 1948 - OVERVIEW
WAGES ACT 1948
- The Minimum Wages Act 1948 is an Act of Parliament concerning Indian labour law that sets the minimum wages that must be paid to skilled and unskilled labours.
OBJECTIVES OF WAGES
OBJECTIVE = THE ACTIONS TAKEN TO ACHIEVE THE AIM
To ensure a secure and adequate living wage for all laborers in the interest of the public. To ensure that the employee has enough to provide for his family. Ensuring a decent life standard that pertains to the social comfort of the employee.
TYPES OF WAGES - FOCUSED
According to Minimum wages act of 1948, the wages has 5 different types as follows.
TYPES OF WAGES
Piece
Wages
Piece wages are the wages paid according to the work done by the worker. To calculate the piece wages, the number of units produced by the worker are taken into consideration.
For example: Brick producing employees, Matchbox producing employees, T-Shirt Dying employees, Captcha workers and small scale industries under regular wages
Time
Wages
If the labourer is paid for his services according to time, it is called as time wages.
For example: If the labour is paid Rs. 35 per day, it will be termed as time wage.
Cash wages refer to the wages paid to the labour in terms of money. The salary paid to a worker is an instance of cash wages.
Cash
Wages
When the labourer is paid in terms of goods rather than cash, is called the wage in kind. These types of wages are popular in rural areas.
Wages in Kind
Under this type, the wages are fixed in the beginning for complete work. For instance, if a contractor is told that he will be paid Rs. 25,000 for the construction of building, it will be termed as contract wages.