GK
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Fair Wage
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Living Wage
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Minimum Wage
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Nominal Wage
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Detailed explanation-1: -The amount sufficient to enable a worker in reasonable comfort, having regard to all obligations to which an average worker would ordinarily be subject to is Minimum Wage.
Detailed explanation-2: -Fair wage is the wage which is above the minimum wage but below the living wage. The lower limit of the fair wage is obviously the minimum wage: the upper limit is to be set by the capacity of the industry to pay. Thus, fair wage depends on different variables affecting wage determination.
Detailed explanation-3: -Minimum wage: This is the type of wage provided for bare subsistence so that the workers can maintain a decent standard of living such as providing for education, medical requirements and an adequate level of comfort. Fair wage: Any wage paid to the employees that are more than the minimum wage is known as a fair wage.