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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 workers.. The Indian Constitution has defined a 'living wage' that is the level of income for a worker which will ensure a basic standard of living including good health, dignity, comfort, education and provide for any contingency.
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. [2]
Minimum wage schedules set pay by occupation; for example, the minimum wage for domestic workers, for example, was EC$4.5 per hour, while that for a security guard was EC$8 per hour. [10] 40 2017 Guatemala: Q 81.87 (US$10.9) per day for agricultural and nonagricultural work and Q 74.89 (US$10) per day for work in export-sector regime factories ...
Minimum wage (US$/month) ₹ 12,500 (US$140) /month [53] 182.5: 1242.6: Standard work day: 8 hours: 8 hours: 8 hours Minimum rest while at work: one hour per 6-hour: None: None Maximum overtime limit: 125 hours per year [attribution needed] 432 hours per year [54] None Premium pay for overtime: 100%: 50%: None Dismissal due to redundancy or ...
The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.
The Minimum Wages Act prescribes minimum wages in all enterprises, and in some cases those working at home per the schedule of the Act. Central and State Governments can and do revise minimum wages at their discretion. The minimum wage is further classified by nature of work, location and numerous other factors at the discretion of the government.
The Act sets a minimum limit to the wage-material ratio as 60:40. The provision of accredited engineers, worksite facilities and a weekly report on worksites is also mandated by the Act. [ 32 ] The Act sets a minimum limit to the wages, to be paid with gender equality, either on a time-rate basis or on a piece-rate basis.
The German minimum wage level will be updated every other year by a minimum wage commission and acceptance by the government. Since a legal minimum wage law is a derogation of the constitutional right of a collective tariff autonomy, it is discussed whether and to what extent the minimum wage is consistent with the constitution.