Thus, the return to the workers should be according to their efforts and the pay standards prevailing in the industry.
A Wage is a monetary compensation given by the employer to the employee labor for the amount of work done on an hourly, weekly or monthly basis. It is based on the concept that the wage is paid not for the bare sustenance of life, but for the preservation of the efficiency of the worker.
Thus, the minimum wage must provide for education, medical requirements, and other essential amenities. The wage is said to be a fair wage when its amount is similar to the rate that prevails in the same industry in the neighborhood or the rate that prevails throughout the country for the same kind of work.
A standard rate is maintained for the wage that prevails in the other similar industries, and this rate is determined by the companies where exists an unionized labor and is in large numbers. The living wage is slightly higher than the fair wage, in which the worker not only fulfill his basic needs of life viz.
The rate of the living wage is determined on the basis of economic condition prevailing in the country. Therefore, these wage rates may differ from country to country.
Thus, the employers follow different methods of wage payment depending on their paying capacity and the economic conditions prevailing in the country.Section 5: General standards for validity studies. A. Acceptable types of validity studies.
For the purposes of satisfying these guidelines, users may rely upon criterion-related validity studies, content validity studies or construct validity studies, in accordance with the standards set forth in the technical standards of these guidelines, section 14 of this part.
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Manufacturing costing methods are accounting techniques that are used to help understand the value of inputs and outputs in a production process.
The determination of wage, rate is explained with the help of diagrams. Diagram of Wage Determination: In fig. (a) DD / is the demand curve of . Deterministic modeling process is presented in the context of linear programs (LP).
LP models are easy to solve computationally and have a wide range of applications in diverse fields. This site provides solution algorithms and the needed sensitivity analysis since the solution to a practical problem is not complete with the mere determination of the optimal solution.
Methods of Wage Payment Minimum Wage Method: Under this method, the minimum amount of wage is paid to the employee irrespective of the employer’s paying ability. It is based on the concept that the wage is paid not for the bare sustenance of life, but for the preservation of the efficiency of the worker.