ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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laws that address fair wages and benefits for all employees
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A law that could fire workers easily
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laws that fire injured workers
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laws against sweatshops
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Detailed explanation-1: -There are six key statutory benefits: Employees’ Provident Fund, Employees’ Pension Scheme, and Employees’ Deposit Linked Insurance come under the purview of Employees’ Provident Funds and Miscellaneous Provisions Acts, 1952. These are funded by matching employer and employee contributions.
Detailed explanation-2: -The Code combines the provision of the following four laws: (i) the Payment of Wages Act, 1936, (ii) the Minimum Wages Act, 1948, (iii) the Payment of Bonus Act, 1965, and (iv) the Equal Remuneration Act, 1976.
Detailed explanation-3: -The Fair Labor Standards Act (FLSA) is a federal law which establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.
Detailed explanation-4: -Under the Minimum Wages Act, 1948 the appropriate Government fixes minimum wages for all the employments. The Act empowers State Governments to fix the minimum rate of wages for different types of employment in India. Currently, the National Floor Level of Minimum Wages in India is Rs. 160 per day.