ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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So small businesses could be successful.
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To help the government.
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To ensure the average worker can meet their most basic needs
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To help retired couples
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Detailed explanation-1: -The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection.
Detailed explanation-2: -THE MINIMUM WAGES ACT, 1948 ACT NO. 11 OF 1948 1* [15th March, 1948.] An Act to provide for fixing minimum rates of wages in certain employments.
Detailed explanation-3: -Minimum wages have been justified on moral, social, and economic grounds. But the overarching objective is to boost incomes and improve the welfare of workers at the low end of the ladder, while also reducing inequality and promoting social inclusiveness.
Detailed explanation-4: -India Code: Minimum Wages Act, 1948. Long Title: An Act to provide for fixing minimum rates of wages in certain employments.
Detailed explanation-5: -Reduce earnings inequality by supporting incomes of relatively low paid workers, like low-skilled workers. What is the minimum wage? A minimum wage sets a floor on the wage rate that an employer can pay a worker.